Think about income as falling into three categories - earned, investment and passive. These are known as income streams. An income stream pays you money on a regular basis.
Earned income usually comes from a job. It's the hours for dollars concept.
Investment income comes from interest on bank accounts, dividends or profits from stocks and bonds.
Passive income is money earned without the minute-to-minute, hour-to-hour and day-to-day time and effort. It can come from such things as royalties, a network marketing override check or income from rental property.
When considering possible passive income, be weary of promises about doing nothing and still making thousands of dollars. Do your homework!
Let's take a look at three ways (of many) to generate passive income.
Network Marketing -- A business opportunity where you distribute a product or service and recruit a team to duplicate what you're doing. As your team grows, the network marketing company pays you a percentage and bonuses based on your team's revenue.
Example of network marketing companies: Arbonne International, Melaleuca, Nikken, Shaklee and many, many more.
It takes time to build a team and develop passive income. Choose your company wisely; network marketing is not get rich quick. It takes time to build a business but once you've built your business, you'll begin enjoying the rewards of passive income.
Internet Affiliate Marketing Programs -- In a nutshell, it's about using one Internet site to drive traffic to another Internet site. You are rewarded with a commission when your referred customer makes a purchase.
Example of an affiliate program: Amazon.com
It takes a large number of referrals to generate substantial passive income, but if you have the Internet traffic it can truly become passive income.
Creative and Intellectual Property - Royalties are paid to you each time someone reads, listens or uses your authored books, music/songs, software, inventions or patents. It takes work to write, develop and/or invent but the benefit of this work can potentially generate passive income for generations.
Example of creative and intellectual property: In the early 1960's songwriter Paul Anka wrote the theme music for Johnny Carson's Tonight Show. Every time that song played, he was paid a royalty.
It is important to do your research. Find an attorney and other professionals who are trained to protect your creative works. There are many legal issues involved with intellectual property but it's certainly worth the time and effort.
Can you see how multiple streams of income, especially passive income, could produce a financially rewarding future? Financial freedom is having your money work for you.
Passive income allows you to leverage your time and money - you can do what you want to do, not what you have to do to bring in an income or additional income.
Enough Of Everything For Everyone - That's Abundance
Let's start with the mind-set of abundance. What does "abundance" mean to you? I'm talking about abundance in all aspects of your life - personal, professional, spiritual and financial. If you sat down with a piece of paper, what would you write about the abundance you're experiencing today? In fact, why don't you do that and then come back and finish reading this article.
Let's explore how an abundant mind-set begins. The human mind is composed of two levels: consciousness and unconsciousness. Both work together to create and mold our thoughts, actions and personality.
Understanding and appreciating the unique function and characteristic of each "part" of the mind is vital to understanding how and why you're allowing (or not allowing) prosperity, abundance and wealth into your life.
Abundance is simply a concept. And, as a concept it begins in your mind and works its way out into your everyday life. You either believe you deserve to live in abundance, or you don't. Understanding the "workings" of your mind means understanding how you function on both an unconscious and conscious level. When you allow it to, your mind will be a tireless and powerful success and wealth-building ally.
Here's the difference between the conscious and unconscious parts of your mind:
The conscious part of your mind is the awareness you have of the world and your personal role in it.
~ The function of the conscious mind is to analyze and rationally tie everything together.
~ It's the tangible link between thought, reality and the action you decide to take.
~ Your opinions, likes and dislikes, judgments, prejudices and realities are filtered through the analytical conscious mind.
The unconscious part of your mind controls at least ninety percent of mental activity.
~ Your unconscious mind is a never-ending source for thoughts and memories.
~ Reality is stored and preserved in the "all-remembering" unconscious mind.
~ Your negative and positive thoughts, feelings, memories, emotions and reactions, bodily functions, stress, illness and health, rational and irrational thinking, decision-making and creativity are found in the powerful unconscious mind.
You're reading this article with the conscious part of your mind; you're absorbing it with the unconscious part. Choosing to believe, disbelieve, use or discard this article is based upon the beliefs you have stored in your unconscious mind. These day-to-day beliefs are based on your thoughts, memories and experiences from childhood through to this very moment.
Let me give you an example:
Are you afraid you'll run out of money? If you are, then somewhere on the unconscious level your belief system is based on lack. This is called "poverty consciousness."
Why is poverty consciousness so negative and financially limiting? Focusing on lack diverts your energy away from the positive aspects of prosperity. Focus on lack long enough and eventually your belief system about money, prosperity and abundance becomes filled negativity.
What can you do? Strive to focus your energy on the positives. Begin by analyzing your beliefs about the value you're placing on your time, energy and money making abilities.
Let's explore how an abundant mind-set begins. The human mind is composed of two levels: consciousness and unconsciousness. Both work together to create and mold our thoughts, actions and personality.
Understanding and appreciating the unique function and characteristic of each "part" of the mind is vital to understanding how and why you're allowing (or not allowing) prosperity, abundance and wealth into your life.
Abundance is simply a concept. And, as a concept it begins in your mind and works its way out into your everyday life. You either believe you deserve to live in abundance, or you don't. Understanding the "workings" of your mind means understanding how you function on both an unconscious and conscious level. When you allow it to, your mind will be a tireless and powerful success and wealth-building ally.
Here's the difference between the conscious and unconscious parts of your mind:
The conscious part of your mind is the awareness you have of the world and your personal role in it.
~ The function of the conscious mind is to analyze and rationally tie everything together.
~ It's the tangible link between thought, reality and the action you decide to take.
~ Your opinions, likes and dislikes, judgments, prejudices and realities are filtered through the analytical conscious mind.
The unconscious part of your mind controls at least ninety percent of mental activity.
~ Your unconscious mind is a never-ending source for thoughts and memories.
~ Reality is stored and preserved in the "all-remembering" unconscious mind.
~ Your negative and positive thoughts, feelings, memories, emotions and reactions, bodily functions, stress, illness and health, rational and irrational thinking, decision-making and creativity are found in the powerful unconscious mind.
You're reading this article with the conscious part of your mind; you're absorbing it with the unconscious part. Choosing to believe, disbelieve, use or discard this article is based upon the beliefs you have stored in your unconscious mind. These day-to-day beliefs are based on your thoughts, memories and experiences from childhood through to this very moment.
Let me give you an example:
Are you afraid you'll run out of money? If you are, then somewhere on the unconscious level your belief system is based on lack. This is called "poverty consciousness."
Why is poverty consciousness so negative and financially limiting? Focusing on lack diverts your energy away from the positive aspects of prosperity. Focus on lack long enough and eventually your belief system about money, prosperity and abundance becomes filled negativity.
What can you do? Strive to focus your energy on the positives. Begin by analyzing your beliefs about the value you're placing on your time, energy and money making abilities.
Wealth Inside Out
Wealthy to me is the ability to live comfortably and know my family will always be taken care of, no matter what. It's the ability to give financially to those causes I feel make our world a better place. And, it's the ability to be financially independent.
On average, many women are uncomfortable discussing money and even more uncomfortable managing money. How often do you hear women say words like rich or wealthy when describing their finances or goals?
Money and self-esteem go hand-in-hand. You can have a million dollars but if you don't feel you're worth a million dollars, you're still not financially independent.
Let me ask you a question and please take a few minutes with pen and paper to answer. Even allow yourself to feel the emotions of your answer:
If you had three million dollars in the bank right now, how would your life be different?
Look carefully at what you wrote. Are there more positives in your answer or negatives? Does wealth feel like a joyous emotion or a burden? In your mind's eye, can you picture yourself with three million dollars or did it seem like a fantasy?
Let's look at one of the emotional aspects women often deal with when striving for financial independence - guilt.
Simply put, women often feel guilty for having and enjoying money. Why? Because there are people, whether we know them or not, who don't have money. Could there be old programs in the mind saying, "Don't be selfish, share with your sister."
Do you know that studies have found that on average, we'll unconsciously allow ourselves to earn only within ten to twenty per cent of what our friends and family earn? Why do you think that is? You're right. It's guilt. It's the fear that we will not be accepted if we have more money than the other important people in our lives.
Guilt and self-esteem go hand-in-hand. The more secure you are within yourself, the more you'll allow yourself to earn and enjoy wealth.
Instead of looking at wealth and money in terms of guilt, how about looking in terms of how we can be of service to others. Can you think of wealthy women role models who are making a difference with their money? How about Oprah Winfrey? Do you think Oprah feels guilty about being a billionaire?
If you had three million dollars in the bank, how would your life be different?
How could life be more comfortable?
How would you feel knowing you'd never have to worry about money?
Which causes could you support?
Isn't it time we concentrate on the positives of our power, especially our financial power? Wealth truly begins on the inside, inside your heart and mind.
On average, many women are uncomfortable discussing money and even more uncomfortable managing money. How often do you hear women say words like rich or wealthy when describing their finances or goals?
Money and self-esteem go hand-in-hand. You can have a million dollars but if you don't feel you're worth a million dollars, you're still not financially independent.
Let me ask you a question and please take a few minutes with pen and paper to answer. Even allow yourself to feel the emotions of your answer:
If you had three million dollars in the bank right now, how would your life be different?
Look carefully at what you wrote. Are there more positives in your answer or negatives? Does wealth feel like a joyous emotion or a burden? In your mind's eye, can you picture yourself with three million dollars or did it seem like a fantasy?
Let's look at one of the emotional aspects women often deal with when striving for financial independence - guilt.
Simply put, women often feel guilty for having and enjoying money. Why? Because there are people, whether we know them or not, who don't have money. Could there be old programs in the mind saying, "Don't be selfish, share with your sister."
Do you know that studies have found that on average, we'll unconsciously allow ourselves to earn only within ten to twenty per cent of what our friends and family earn? Why do you think that is? You're right. It's guilt. It's the fear that we will not be accepted if we have more money than the other important people in our lives.
Guilt and self-esteem go hand-in-hand. The more secure you are within yourself, the more you'll allow yourself to earn and enjoy wealth.
Instead of looking at wealth and money in terms of guilt, how about looking in terms of how we can be of service to others. Can you think of wealthy women role models who are making a difference with their money? How about Oprah Winfrey? Do you think Oprah feels guilty about being a billionaire?
If you had three million dollars in the bank, how would your life be different?
How could life be more comfortable?
How would you feel knowing you'd never have to worry about money?
Which causes could you support?
Isn't it time we concentrate on the positives of our power, especially our financial power? Wealth truly begins on the inside, inside your heart and mind.
Nevada Unclaimed Money Now Totals Over 200 Million
As of September, NV's state treasurer, Kate Marshall confirmed that the state of Nevada is currently holding over $200 million in Nevada unclaimed money that belongs to the 700,000 citizens. And despite recent efforts, after much criticism in 2006, the Nevada unclaimed property program continues to take in more money than it returns.
According the Marshall, the state has increased its unclaimed money returns to 350-700 claims per week. That's nothing to sneeze at, and Nevada's state treasurer is to be commended, but when you consider that at that rate it would take 20-40 years before they'd ever return all claims currently listed, it's nothing to get too excited about, especially when you consider how much more additional money would come in over those 20-40 years!!!
The bottom line is that people can't rely on the Nevada to reunite them with their funds. The citizens have to take action themselves, if they ever want to be sure they're searching thoroughly and exploring all possible sources of NV unclaimed property. The state has no doubt stepped up their efforts, but there's a long way to go, and I think we can all agree that we the people are far more efficient than any government agency will ever be.
The following are the most common types of unclaimed property in Nevada: Stocks, Checking/Savings Accounts, Death Benefits, Vendor Checks, Over-Payments, Certificates of Deposits, Paid-in-full Life Insurance, Uncashed Checks, Unpaid Wages, Money Orders, Credit Balances, Refunds, Dividends, Commissions, Insurance Payments, Gift Certificates, Customer Deposits. If you or anyone you know have ever had any of these, you owe it to yourself to learn the proper way to search for missing money.
Each of the different types of unclaimed cash sources listed above has it's own unique dormancy period. This is the amount of time that must pass before the abandoned money is considered "unclaimed" and turned over to the state. Depending on the type of fund, the dormancy period can be anywhere from 1 to 15 years. This is important to know, because traditional online searches won't show a record unless the dormancy period has passed, and the state has taken control of your money.
Beyond the fact that the dormancy period has to pass before there will be any sort of online record of your money, there's also the matter of how often Nevada updates their unclaimed money listing. Records are not updated daily, so you can be confident in your search if you look and don't find anything one day, and the state just happens to not add your record until the next day, week, month, or year. This is why rule #1 of searching for missing money is to search frequently.
Additionally not all money belonging to Nevada citizens is in the state of Nevada. Some people may have lived in other states before moving to Nevada, while others may have had dealings with out of state entities, even if they didn't know it. For example, many companies have locations in a number of different states, but they are headquartered in just one state. The same goes for insurance carriers. Even if a company has locations in 20 states, including Nevada, if the company they use for employee insurance benefits is located in some other state, Nevada would never have a record of that money.
In addition to the issues raised above, there are countless problems that people often run in to when searching for unclaimed money in Nevada, which make it all the more important you get expert assistance in tracking down your money.
According the Marshall, the state has increased its unclaimed money returns to 350-700 claims per week. That's nothing to sneeze at, and Nevada's state treasurer is to be commended, but when you consider that at that rate it would take 20-40 years before they'd ever return all claims currently listed, it's nothing to get too excited about, especially when you consider how much more additional money would come in over those 20-40 years!!!
The bottom line is that people can't rely on the Nevada to reunite them with their funds. The citizens have to take action themselves, if they ever want to be sure they're searching thoroughly and exploring all possible sources of NV unclaimed property. The state has no doubt stepped up their efforts, but there's a long way to go, and I think we can all agree that we the people are far more efficient than any government agency will ever be.
The following are the most common types of unclaimed property in Nevada: Stocks, Checking/Savings Accounts, Death Benefits, Vendor Checks, Over-Payments, Certificates of Deposits, Paid-in-full Life Insurance, Uncashed Checks, Unpaid Wages, Money Orders, Credit Balances, Refunds, Dividends, Commissions, Insurance Payments, Gift Certificates, Customer Deposits. If you or anyone you know have ever had any of these, you owe it to yourself to learn the proper way to search for missing money.
Each of the different types of unclaimed cash sources listed above has it's own unique dormancy period. This is the amount of time that must pass before the abandoned money is considered "unclaimed" and turned over to the state. Depending on the type of fund, the dormancy period can be anywhere from 1 to 15 years. This is important to know, because traditional online searches won't show a record unless the dormancy period has passed, and the state has taken control of your money.
Beyond the fact that the dormancy period has to pass before there will be any sort of online record of your money, there's also the matter of how often Nevada updates their unclaimed money listing. Records are not updated daily, so you can be confident in your search if you look and don't find anything one day, and the state just happens to not add your record until the next day, week, month, or year. This is why rule #1 of searching for missing money is to search frequently.
Additionally not all money belonging to Nevada citizens is in the state of Nevada. Some people may have lived in other states before moving to Nevada, while others may have had dealings with out of state entities, even if they didn't know it. For example, many companies have locations in a number of different states, but they are headquartered in just one state. The same goes for insurance carriers. Even if a company has locations in 20 states, including Nevada, if the company they use for employee insurance benefits is located in some other state, Nevada would never have a record of that money.
In addition to the issues raised above, there are countless problems that people often run in to when searching for unclaimed money in Nevada, which make it all the more important you get expert assistance in tracking down your money.
9 Secrets To A New Financial You In 2008!
It also doesn't matter that the housing market is still in a slump and gas prices are crazy. Starting today, your focus needs to be on how to make more money and how to manage what you have coming in. Stop reading or listening to all the negative economic news; it does absolutely nothing for your spirit, or your bank account, and will keep you far away from becoming a millionaire.
Before I get into the 9 secrets, I want you to first take a self- assessment test. Ask yourself the following questions:
* Do I have the true DESIRE to become wealthy?
* Am I willing to do whatever it TAKES -legally-to become wealthy?
* Is it more important for me to have a flat screen television with all the latest technology or would I rather be wealthy? ·
* Is it more important for me to spend $5,000 on a vacation or would I rather be wealthy?
There's no secret to becoming wealthy. It's simply a matter of the day-to-day choices you make that determine whether you will become a millionaire. Eventually, you can have the flat screen television and spend $5,000 on a vacation. But, if you have to use your credit cards to get these things, then it means you can't have them right now. Your focus needs to be on investing in assets that create enough cash flow to allow you to buy the luxuries for cash, not on credit. That's what millionaires do.
So, here are the tried-and-true 9 Secrets To A New Financial You In 2008:
1. Make a committed decision to become wealthy. So many people talk about wanting to make more money or get out of debt, yet, they aren't committed enough to make it happen. And it's not a priority. You got to WANT this! Your spouse can't want it for you, nor can you parents. It's all up to YOU. So make the decision right now that you are going to learn how to invest and make your money work for you.
2. Develop a written financial blueprint. Nothing happens without a plan. The written financial blueprint will serve as your roadmap and force you to do something. It's amazing to me how we'll spend more time planning our vacations, yet won't take the time to plan our money. This year, sit down and write out exactly how much you need to earn, and how you are going to invest. Write down everything you want to financially happen in the different stages of your life-retirement, new baby, kids off to college, etc...
3. Put saving money on automatic pilot. Stop torturing yourself by trying to use your willpower to save money every month. Just have 10 percent of your net monthly income automatically taken out of your check and into a savings account every pay period. If your company won't do this, set it up with your local bank or online banker, such as ING Direct, which happens to pay out one of the highest yields on a savings account. And they don't require a minimum to open the account. www.ingdirect.com
4. Think twice before you spend money. Managing your cash flow every month is key. There is no need for you to be a walking billboard for designer clothes, shoes, sunglasses, or jewelry. The celebrities are not your role models; so don't try to emulate them. Do you really need a Beyonce gold cell phone? I don't think so.
5. Lay off the credit. If you can eat it or wear it, don't put it on your credit card. Let's go a step further, don't put anything on your credit cards that you can't pay off in two or three months. If you have a ton of debt right now, focus your energy on paying if off as quickly as possible. Remember, the interest you are paying, could be going toward a piece of investment real estate, that gives you an extra $500-$1,000 in income every month.
6. Make money with your money. It takes money to make money, but you don't need thousands of dollars to get started. Open an account with a mutual fund company that has no-load funds or a discount brokerage firm such as www.sharebuilder .com and start with $50 or $100 and consistently invest that amount every month. Build a diverse portfolio of stocks, mutual funds, bonds and real estate.
7. Earn passive income in your own business. Entrepreneurs are four times more likely to be millionaires than those who are employees. And you don't need to be a CEO of a fortune 500 company. It can be a part-time Internet business, or a catering business. Find something you are passionate about, do some homework and see if it can be a profitable business.
8. Contribute to your employer retirement plan. I read that only 25 percent of employees are contributing to their 401(k), 403 b), or tax deferred retirement accounts. BIG MISTAKE. If you haven't noticed, most companies are doing away with pension plans, so your retirement falls on you. And please don't depend on Social Security. It will not be enough. Put the maximum into your employer plan, especially if they have a matching program. That's Free money!
9. Last, and actually most important; Get mentored by millionaires. You need a coach, an advisor to walk and guide you through this. You can't do it alone. You need to form a good working relationship with someone that has done it and can show you how to do it. There is no need for you to reinvent the wheel, you can learn the mistakes and the strategies that they used to become millionaires and follow them, so that you too can become a millionaire. These are the role models you want to emulate.
Before I get into the 9 secrets, I want you to first take a self- assessment test. Ask yourself the following questions:
* Do I have the true DESIRE to become wealthy?
* Am I willing to do whatever it TAKES -legally-to become wealthy?
* Is it more important for me to have a flat screen television with all the latest technology or would I rather be wealthy? ·
* Is it more important for me to spend $5,000 on a vacation or would I rather be wealthy?
There's no secret to becoming wealthy. It's simply a matter of the day-to-day choices you make that determine whether you will become a millionaire. Eventually, you can have the flat screen television and spend $5,000 on a vacation. But, if you have to use your credit cards to get these things, then it means you can't have them right now. Your focus needs to be on investing in assets that create enough cash flow to allow you to buy the luxuries for cash, not on credit. That's what millionaires do.
So, here are the tried-and-true 9 Secrets To A New Financial You In 2008:
1. Make a committed decision to become wealthy. So many people talk about wanting to make more money or get out of debt, yet, they aren't committed enough to make it happen. And it's not a priority. You got to WANT this! Your spouse can't want it for you, nor can you parents. It's all up to YOU. So make the decision right now that you are going to learn how to invest and make your money work for you.
2. Develop a written financial blueprint. Nothing happens without a plan. The written financial blueprint will serve as your roadmap and force you to do something. It's amazing to me how we'll spend more time planning our vacations, yet won't take the time to plan our money. This year, sit down and write out exactly how much you need to earn, and how you are going to invest. Write down everything you want to financially happen in the different stages of your life-retirement, new baby, kids off to college, etc...
3. Put saving money on automatic pilot. Stop torturing yourself by trying to use your willpower to save money every month. Just have 10 percent of your net monthly income automatically taken out of your check and into a savings account every pay period. If your company won't do this, set it up with your local bank or online banker, such as ING Direct, which happens to pay out one of the highest yields on a savings account. And they don't require a minimum to open the account. www.ingdirect.com
4. Think twice before you spend money. Managing your cash flow every month is key. There is no need for you to be a walking billboard for designer clothes, shoes, sunglasses, or jewelry. The celebrities are not your role models; so don't try to emulate them. Do you really need a Beyonce gold cell phone? I don't think so.
5. Lay off the credit. If you can eat it or wear it, don't put it on your credit card. Let's go a step further, don't put anything on your credit cards that you can't pay off in two or three months. If you have a ton of debt right now, focus your energy on paying if off as quickly as possible. Remember, the interest you are paying, could be going toward a piece of investment real estate, that gives you an extra $500-$1,000 in income every month.
6. Make money with your money. It takes money to make money, but you don't need thousands of dollars to get started. Open an account with a mutual fund company that has no-load funds or a discount brokerage firm such as www.sharebuilder .com and start with $50 or $100 and consistently invest that amount every month. Build a diverse portfolio of stocks, mutual funds, bonds and real estate.
7. Earn passive income in your own business. Entrepreneurs are four times more likely to be millionaires than those who are employees. And you don't need to be a CEO of a fortune 500 company. It can be a part-time Internet business, or a catering business. Find something you are passionate about, do some homework and see if it can be a profitable business.
8. Contribute to your employer retirement plan. I read that only 25 percent of employees are contributing to their 401(k), 403 b), or tax deferred retirement accounts. BIG MISTAKE. If you haven't noticed, most companies are doing away with pension plans, so your retirement falls on you. And please don't depend on Social Security. It will not be enough. Put the maximum into your employer plan, especially if they have a matching program. That's Free money!
9. Last, and actually most important; Get mentored by millionaires. You need a coach, an advisor to walk and guide you through this. You can't do it alone. You need to form a good working relationship with someone that has done it and can show you how to do it. There is no need for you to reinvent the wheel, you can learn the mistakes and the strategies that they used to become millionaires and follow them, so that you too can become a millionaire. These are the role models you want to emulate.
Six Steps To Financial Freedom
Being a member of the International Marketing Group (IMG), I am so blessed to have learned the concepts of financial management at this early stage of my life. I may still be starting out, but at least I've got the fundamentals of financial management correct now.
I've always believed that God wants me to be responsible for my time, treasures and my talents. I have worked hard to manage my time and talents but it is my treasures that I have no idea of managing.
My best friend in high school introduced me to IMG just this year 2007 and I am glad I became a part of the company. My blog schedule for today is on financial management so I want to share with you IMG's 6 steps to Financial Freedom and how it has applied to me:
1.) Increase cash flow
a.) Earn Additional income
b.) Manage expenses
- I have strived to follow the first step by earning both active and passive income through IMG's system. I have also managed to teach part time and at the same time explore the possibilities of earning income online. With regards to the expenses, it is important that I list down all my expenses and work within a budget. That is what I had been doing now for months.
2.) Manage debt
a.) Consolidate Debt
b.) Strive to eliminate debt
- I've managed debt by resorting to lower interest rates. I have availed of balance transfer features. The regular interest charged by credit card companies is 3.5 % per month. But if you avail of balance transfer features by "transferring" your debt to other credit cards then you can avail of 0.99 % interest per month. I have discussed this extensively in my post entitled "Getting out of the credit card debt mess."
3.) Create emergency fund
a.) Save at least six months income
b.) Prepare for emergency expenses
- This is something I have not done yet, but will be planning to do in the months or years to come. Once debt is eliminated I can now start to save at least 6 months income. This is just to ensure that you are liquid enough in case there are some things that must be bought with in cash. This could also be used for emergency expenses.
4.) Ensure proper protection
a.) Protect against loss of income
b.) Protect Family assets
- I have achieved this through availing of insurance. Insurance policies protect loss of income by compensating the person insured and his loved ones if ever the person insured losses the capacity to produce active income because of death or accident. Protecting family assets is also achieved by availing of non-life insurance such as fire insurance etc.
5.) Build long-term asset accumulation
a.) Outpace inflation
b.) Reduce taxation
- This is normally what is known as the "investment" stage. If you are "investing" in something that is less than the inflation rate then you loose in the long run. Always make sure that you are investing above the inflation rate. For some who still does not understand what inflation rate means and how it could affect you I will probably discuss it in a future post. Most experts suggest that if you are in the Philippines you should invest in something that is above 7 % (Even if now the inflation rate is below 2 % +) Currently you cannot put your money in the bank an expect a return of above 7 % since interest for savings is way below 2 % and interest for time deposit accounts is from 3 to 5 %
Clearly, the only way to achieve this is through the stock market, mutual funds investments and other types of investments giving you a return of more than 7 % per annum.
With regards to taxes, remember that the government taxes income, not wealth.
6.) Preserve your estate
a.) Help Reduce estate taxes
b.) Build a family legacy
This is something that I plan to do probably 20 years from now. There are a lot of ways to achieve this. I would probably tackle this in another post since this is a somewhat complicated topic. ]
This is the overview of IMG's financial strategy which I have strived to religiously follow. The steps must be followed sequentially. It is advisable that you should go through them one step at a time. However since I have learned about this just lately, I have managed to invest without first eliminating my debt. I should have eliminated my debt first and investe later. But I believe that it still worked out for my advantage since the year 2005 to 2010 is considered by many experts as "a window of investment opportunities" considering that the stock market is at it's highest and the fundamentals of the Philippine economy are in place. I will discuss more on financial strategies on my future posts.
I've always believed that God wants me to be responsible for my time, treasures and my talents. I have worked hard to manage my time and talents but it is my treasures that I have no idea of managing.
My best friend in high school introduced me to IMG just this year 2007 and I am glad I became a part of the company. My blog schedule for today is on financial management so I want to share with you IMG's 6 steps to Financial Freedom and how it has applied to me:
1.) Increase cash flow
a.) Earn Additional income
b.) Manage expenses
- I have strived to follow the first step by earning both active and passive income through IMG's system. I have also managed to teach part time and at the same time explore the possibilities of earning income online. With regards to the expenses, it is important that I list down all my expenses and work within a budget. That is what I had been doing now for months.
2.) Manage debt
a.) Consolidate Debt
b.) Strive to eliminate debt
- I've managed debt by resorting to lower interest rates. I have availed of balance transfer features. The regular interest charged by credit card companies is 3.5 % per month. But if you avail of balance transfer features by "transferring" your debt to other credit cards then you can avail of 0.99 % interest per month. I have discussed this extensively in my post entitled "Getting out of the credit card debt mess."
3.) Create emergency fund
a.) Save at least six months income
b.) Prepare for emergency expenses
- This is something I have not done yet, but will be planning to do in the months or years to come. Once debt is eliminated I can now start to save at least 6 months income. This is just to ensure that you are liquid enough in case there are some things that must be bought with in cash. This could also be used for emergency expenses.
4.) Ensure proper protection
a.) Protect against loss of income
b.) Protect Family assets
- I have achieved this through availing of insurance. Insurance policies protect loss of income by compensating the person insured and his loved ones if ever the person insured losses the capacity to produce active income because of death or accident. Protecting family assets is also achieved by availing of non-life insurance such as fire insurance etc.
5.) Build long-term asset accumulation
a.) Outpace inflation
b.) Reduce taxation
- This is normally what is known as the "investment" stage. If you are "investing" in something that is less than the inflation rate then you loose in the long run. Always make sure that you are investing above the inflation rate. For some who still does not understand what inflation rate means and how it could affect you I will probably discuss it in a future post. Most experts suggest that if you are in the Philippines you should invest in something that is above 7 % (Even if now the inflation rate is below 2 % +) Currently you cannot put your money in the bank an expect a return of above 7 % since interest for savings is way below 2 % and interest for time deposit accounts is from 3 to 5 %
Clearly, the only way to achieve this is through the stock market, mutual funds investments and other types of investments giving you a return of more than 7 % per annum.
With regards to taxes, remember that the government taxes income, not wealth.
6.) Preserve your estate
a.) Help Reduce estate taxes
b.) Build a family legacy
This is something that I plan to do probably 20 years from now. There are a lot of ways to achieve this. I would probably tackle this in another post since this is a somewhat complicated topic. ]
This is the overview of IMG's financial strategy which I have strived to religiously follow. The steps must be followed sequentially. It is advisable that you should go through them one step at a time. However since I have learned about this just lately, I have managed to invest without first eliminating my debt. I should have eliminated my debt first and investe later. But I believe that it still worked out for my advantage since the year 2005 to 2010 is considered by many experts as "a window of investment opportunities" considering that the stock market is at it's highest and the fundamentals of the Philippine economy are in place. I will discuss more on financial strategies on my future posts.
Monetary Pressures Can 'Strain' A Relationship
More consumers are preparing themselves for the strain their finances will see over the Christmas period, according to new figures.
In research conducted by Engage Mutual, 88 per cent of the Britons who share their finances with a partner state that they are willing to make monetary sacrifices to keep up a certain standard of living for their significant other. The study revealed that about one out of five are ready to work extra hours in order to provide their loved ones with the things that they want. Meanwhile, just under a third (30 per cent) are looking to cut back on buying luxuries for themselves, with the taking out of a loan another possible way in which to help them to give what their partner wants.
The survey also indicated that seven per cent of those in a relationship would be willing to borrow money, whether this be through a cheap personal loan, credit card or other means, to support their partners' wishes. Meanwhile, some 21 per cent state that they are prepared to withdraw funds out of a savings account.
In addition, findings from the firm revealed that men are most likely to make financial sacrifices. More than a third (35 per cent) of males are ready to go without buying new clothes and other luxuries, in comparison to 25 per cent of women. Meanwhile, four per cent of females would consider ending a relationship, if they felt that they were under pressure to stop buying things for themselves in order to provide for their partner.
Karl Elliott, 3GB spokesperson for Engage Mutual, said: "It is encouraging that rather than taking on further debt, people are prepared to work longer hours and cut back on spending in order to treat their partner. Increased financial pressure could put strain on some relationships. However, as this research shows, preparedness amongst couples to support each other financially shows that the population are prepared to go without themselves in order to provide for their loved ones."
The research also unveiled that 41 per cent of people from the north-east of England are willing to forgo clothes and luxuries in order to save more money to help keep their other half content. Those in the midlands are most likely to give up a night out on the town to cut back on spending, as such people account for 28 per cent of those from the region. Consumers living in Yorkshire, however, are the least prepared to do this, with only 12 per cent prepared to stay in to save cash.
Engage Mutual also pointed to research carried out by the Telegraph and uSwitch indicating that disposable income has reached its lowest point in a decade. And with the festive season just a few weeks away those who find that they are struggling to save money to help provide for their loved ones may find that a loan could be an answer to financial problems.
However, should consumers consider getting a loan, they may be advised to be upfront with their significant other. A recent study carried out by Cater Allen Private Bank earlier this week indicated that 30 per cent of consumers are keeping a financial secret from their partner, ranging from having a personal loan to a clandestine savings account. Managing director Richard Dunn reported that such secrecy indicates consumers are unwilling to talk about money, despite the fact that such discussions with loved ones can often act as the first step in people getting back on their fiscal feet.
One of the reasons why teens love to work is that they want to have their own income. Teens want to have discretionary funds they can use without thei
We start the year with good intentions, don't we? As you approach 2008, here is a guide for tackling the items that will improve your financial life. Instead of becoming overwhelmed, approach the year in "month-sized" portions.
January
Planning Idea: Have changes in your personal situation occurred in 2007? Did you get married, have a child or grandchild, become widowed or divorced- there may be important new legal and financial considerations that now come into play. These might include adjusting your budget or reviewing beneficiary designations on life insurance and retirement accounts, property ownership, providing for children's welfare, estate planning, and payroll deductions.
February
Planning Idea: Give thought to your estate plan-to how you intend your assets to be distributed at your death. Federal estate tax may be a factor. Estate tax will apply for 2008 if net assets left to persons other than your spouse or charity exceed $2,000,000. And if it's been awhile since you have reviewed your estate planning documents, then you must see an attorney to ensure that everything is up to date.
March
Planning Idea: How are you doing on your retirement funds? Review the asset allocation of your portfolio. Contact a Financial Advisor for professional advice in determining how much you should be saving and what the best investment vehicles are.
April
Planning Idea: Prepare a Location List - a comprehensive list of all your accounts, financial and otherwise, and all Internet usernames and passwords. Keep it in a secure location to avoid identity theft.
May
Planning Idea: Evaluate the protection of your assets. Review your Homeowners Insurance; Car Insurance; Investment Property/ Casualty Insurance. Perform an inventory of your non-financial assets (home, furniture, cars, personal belongings) to ensure that your property insurance coverage is adequate for your assets.
June
Planning Idea: This month, review your life, health, and disability insurance policies. Make sure you have adequate coverage. Consult with your insurance advisor as to the appropriate amounts for your age and income. Consider getting Long Term Care Insurance.
July
Mid-Year review: Compare January- June income and expenditures with your budget. Make adjustments as appropriate.
August
Planning Idea: Order a copy of your credit report. A federal law allows you to get a free copy of your credit reports once a year; read it carefully and report any discrepancies to the appropriate agencies to ensure accuracy.
September
Planning Idea: Request a Personal Earnings and Benefit Estimate Statement from the Social Security Administration. Which summarizes your social security earnings history and provides an estimate of the benefits to which you are entitled.
October
Planning Idea: Discuss with your family your wishes concerning health care and funeral arrangements. Not a pleasant task, but it is important that others know your wishes should you be incapacitated. Create an Advance Directive to document your decisions.
November
Planning Idea: Start your year-end planning now. Estimate your taxes due for the year, and determine what steps you should take before year end to minimize them. Consider making charitable contributions before year-end.
December
Planning Idea: Consider paying tax-deductible expenses prior to year-end, contact your tax professional for guidance. If your estate planning indicates a potential estate tax liability, consider making gifts before year-end to minimize estate taxes. You can give away $12,000 a year to each of a number of donees free of gift tax.
January
Planning Idea: Have changes in your personal situation occurred in 2007? Did you get married, have a child or grandchild, become widowed or divorced- there may be important new legal and financial considerations that now come into play. These might include adjusting your budget or reviewing beneficiary designations on life insurance and retirement accounts, property ownership, providing for children's welfare, estate planning, and payroll deductions.
February
Planning Idea: Give thought to your estate plan-to how you intend your assets to be distributed at your death. Federal estate tax may be a factor. Estate tax will apply for 2008 if net assets left to persons other than your spouse or charity exceed $2,000,000. And if it's been awhile since you have reviewed your estate planning documents, then you must see an attorney to ensure that everything is up to date.
March
Planning Idea: How are you doing on your retirement funds? Review the asset allocation of your portfolio. Contact a Financial Advisor for professional advice in determining how much you should be saving and what the best investment vehicles are.
April
Planning Idea: Prepare a Location List - a comprehensive list of all your accounts, financial and otherwise, and all Internet usernames and passwords. Keep it in a secure location to avoid identity theft.
May
Planning Idea: Evaluate the protection of your assets. Review your Homeowners Insurance; Car Insurance; Investment Property/ Casualty Insurance. Perform an inventory of your non-financial assets (home, furniture, cars, personal belongings) to ensure that your property insurance coverage is adequate for your assets.
June
Planning Idea: This month, review your life, health, and disability insurance policies. Make sure you have adequate coverage. Consult with your insurance advisor as to the appropriate amounts for your age and income. Consider getting Long Term Care Insurance.
July
Mid-Year review: Compare January- June income and expenditures with your budget. Make adjustments as appropriate.
August
Planning Idea: Order a copy of your credit report. A federal law allows you to get a free copy of your credit reports once a year; read it carefully and report any discrepancies to the appropriate agencies to ensure accuracy.
September
Planning Idea: Request a Personal Earnings and Benefit Estimate Statement from the Social Security Administration. Which summarizes your social security earnings history and provides an estimate of the benefits to which you are entitled.
October
Planning Idea: Discuss with your family your wishes concerning health care and funeral arrangements. Not a pleasant task, but it is important that others know your wishes should you be incapacitated. Create an Advance Directive to document your decisions.
November
Planning Idea: Start your year-end planning now. Estimate your taxes due for the year, and determine what steps you should take before year end to minimize them. Consider making charitable contributions before year-end.
December
Planning Idea: Consider paying tax-deductible expenses prior to year-end, contact your tax professional for guidance. If your estate planning indicates a potential estate tax liability, consider making gifts before year-end to minimize estate taxes. You can give away $12,000 a year to each of a number of donees free of gift tax.
Let The Teens Manage Their Money
One of the reasons why teens love to work is that they want to have their own income. Teens want to have discretionary funds they can use without their parents poking at them and auditing all their cents. If the parents would let their teenagers manage their own money, they should be ready to give them advises on money management such as budgeting and fund management. In this way, they can be sure that their teens will not just squander their money on less important things.
The following may help the teens manage their money:
Teach the teens to save
Encourage the teens to open a savings account to deposit their earnings. Even just a few dollars a week will be good enough. If their parents are giving them allowances, they can talk to them and ask them to set aside some dollars in the bank. When the time comes that they need to withdraw, they will be amazed to see how much money they have saved.
Teens must spend wisely
The biggest nightmare among the teens is to wake up with nothing to spend, yet the next allowance is still a few days away. They will be forced to borrow and this will only add more problems. Spending wisely is a must especially to those with tight budget. If the school is just a walking distance, they should be happy to take a walk and enjoy that needed exercise. Need to go dating? Why not ask their crushes to have a chat with them in the park, this way they don't need to spend much. A can of soda could do the trick.
Introduce the teens to fund management
There are many plans of fund management that are available to teens. With a few dollars, the teens can have the opportunity to increase their money under the watchful eyes of money experts. This will also add pride to the teens for having invested money like what the grownups did. In addition, requiring them to pay taxes out of their investment will make the teens contributors to the national coffers.
Get a checking account
Getting a checking account will teach the teens some financial responsibility. Just imagine the teens issuing some checks for their purchases and or services they acquired. Knowing that a bouncing check would have legal repercussions, the teens will be extra careful in handling their finances.
Let them get credit cards
The feel in getting credit cards nowadays is greatly different as compared many years ago. Before, a person is jubilant when his application is approved because it proves that he is credit worthy. Today, credit card offers are numerous that it will make the eyes bulge. The teens must be extra cautious on the type of cards they will apply. The benefits are vaguely explained in the ads or in the emails when credit card companies promote these cards. Most often, actual charges and interest rates are hidden, only to make the teens sorry for just freely making purchases. Credit cards are there to allow the teens to purchase, but they have to purchase only those things that are needed. They must avoid being compulsive buyers.
The following may help the teens manage their money:
Teach the teens to save
Encourage the teens to open a savings account to deposit their earnings. Even just a few dollars a week will be good enough. If their parents are giving them allowances, they can talk to them and ask them to set aside some dollars in the bank. When the time comes that they need to withdraw, they will be amazed to see how much money they have saved.
Teens must spend wisely
The biggest nightmare among the teens is to wake up with nothing to spend, yet the next allowance is still a few days away. They will be forced to borrow and this will only add more problems. Spending wisely is a must especially to those with tight budget. If the school is just a walking distance, they should be happy to take a walk and enjoy that needed exercise. Need to go dating? Why not ask their crushes to have a chat with them in the park, this way they don't need to spend much. A can of soda could do the trick.
Introduce the teens to fund management
There are many plans of fund management that are available to teens. With a few dollars, the teens can have the opportunity to increase their money under the watchful eyes of money experts. This will also add pride to the teens for having invested money like what the grownups did. In addition, requiring them to pay taxes out of their investment will make the teens contributors to the national coffers.
Get a checking account
Getting a checking account will teach the teens some financial responsibility. Just imagine the teens issuing some checks for their purchases and or services they acquired. Knowing that a bouncing check would have legal repercussions, the teens will be extra careful in handling their finances.
Let them get credit cards
The feel in getting credit cards nowadays is greatly different as compared many years ago. Before, a person is jubilant when his application is approved because it proves that he is credit worthy. Today, credit card offers are numerous that it will make the eyes bulge. The teens must be extra cautious on the type of cards they will apply. The benefits are vaguely explained in the ads or in the emails when credit card companies promote these cards. Most often, actual charges and interest rates are hidden, only to make the teens sorry for just freely making purchases. Credit cards are there to allow the teens to purchase, but they have to purchase only those things that are needed. They must avoid being compulsive buyers.
Top 4 Tips to Finding Your Unclaimed Money
Find Your Unclaimed Money
When searching for your unclaimed money there are a few things you should know to ensure you FIND ALL the MONEY owed to you:
Most unclaimed money searched are conducted by entering your name and searching to see if there is money reported as unclaimed money under your name. Search by your legal name AND variations of your legal name. Bradford Jones may be listed as Brad Jones or B. Jones. When you search a good database they will do this for you automatically.
Don't Look Only in Your State!
Many people look only in their states database for unclaimed money. The problem is, companies do not always report your money in your state of residence. This is especially true if the company that turned over the money did not have an address for you or it is an inheritance. Search in a database that has money from ALL STATE and FEDERAL databases This will give you a wide search, without you having to individually search 60+ databases!
Don't Be A Selfish Searcher
Search the names of family and close friends to see if they are owed money as well! Chances are they haven't looked for themselves.
Use a QUALITY database when you conduct your search
A "quality" database is a database that
- Has money from ALL STATE and FEDERAL databases
- Searches your name AND name variations for you
- Updates its database frequently
- Provides information on claiming your unclaimed money
- Offers you a Free Search
to see if there is any money owed to your name before you have to enter the database
Searching for your unclaimed money does not have to be difficult. Following the above tips will help ensure you find the unclaimed money owed to you and your family!
When searching for your unclaimed money there are a few things you should know to ensure you FIND ALL the MONEY owed to you:
Most unclaimed money searched are conducted by entering your name and searching to see if there is money reported as unclaimed money under your name. Search by your legal name AND variations of your legal name. Bradford Jones may be listed as Brad Jones or B. Jones. When you search a good database they will do this for you automatically.
Don't Look Only in Your State!
Many people look only in their states database for unclaimed money. The problem is, companies do not always report your money in your state of residence. This is especially true if the company that turned over the money did not have an address for you or it is an inheritance. Search in a database that has money from ALL STATE and FEDERAL databases This will give you a wide search, without you having to individually search 60+ databases!
Don't Be A Selfish Searcher
Search the names of family and close friends to see if they are owed money as well! Chances are they haven't looked for themselves.
Use a QUALITY database when you conduct your search
A "quality" database is a database that
- Has money from ALL STATE and FEDERAL databases
- Searches your name AND name variations for you
- Updates its database frequently
- Provides information on claiming your unclaimed money
- Offers you a Free Search
to see if there is any money owed to your name before you have to enter the database
Searching for your unclaimed money does not have to be difficult. Following the above tips will help ensure you find the unclaimed money owed to you and your family!
Medical Expenses - Save Money and Be Prepared
Setting Up An Account
The first thing you need to do is to set up a savings account for medical expenses. Most banks and financial institutions allow you to associate one or more savings accounts to your checking account so you can transfer money from one account to another in order to build up savings for whatever purpose you choose.
Setting up an account for medical expenses will let you be prepared for unexpected circumstances. Moreover, the savings account will pay you an interest rate for the money deposited on a monthly basis. Though the interest rate may not be as high as that of Certificates of Deposit, truth is that the money deposited into your savings account is freely available whenever you need it while with CDs you need to wait till the term ends in order to collect your money.
Setting A Percentage Of Income Aside
Each month you need to set aside a portion of your income and deposit it into this new account. The amount of money you can set aside doesn't have to be fixed but it should be a small percentage of your income every month. For instance, you may destine 2% of your income (before costs and taxes) and let it build up on that account as time passes.
If for any reason, on a particular month you can't deposit that percentage or you can only set aside a smaller amount, you need to compensate the following month by making some sacrifice and setting aside a bigger amount. It shouldn't take you more than two months to compensate any reduced or missing deposit. That way you will soon build up enough savings to afford any medical procedure and save money on it by paying in cash upfront.
Seizing The Benefits Of Tax Deductions
Payments made to physicians and medical companies that do not imply certain elective treatments are tax-deductible up to a specific amount and therefore, when the time comes, you can save thousands of dollars on taxes by taking advantage of these deductions.
If you are not sure on how to do this or you don't do your taxes, then you can easily check with your accountant which type of deductions you can benefit from. Chances are that if a professional is already taking care of your finances, you are already utilizing these deductions, but nevertheless, you don't lose anything by asking.
The first thing you need to do is to set up a savings account for medical expenses. Most banks and financial institutions allow you to associate one or more savings accounts to your checking account so you can transfer money from one account to another in order to build up savings for whatever purpose you choose.
Setting up an account for medical expenses will let you be prepared for unexpected circumstances. Moreover, the savings account will pay you an interest rate for the money deposited on a monthly basis. Though the interest rate may not be as high as that of Certificates of Deposit, truth is that the money deposited into your savings account is freely available whenever you need it while with CDs you need to wait till the term ends in order to collect your money.
Setting A Percentage Of Income Aside
Each month you need to set aside a portion of your income and deposit it into this new account. The amount of money you can set aside doesn't have to be fixed but it should be a small percentage of your income every month. For instance, you may destine 2% of your income (before costs and taxes) and let it build up on that account as time passes.
If for any reason, on a particular month you can't deposit that percentage or you can only set aside a smaller amount, you need to compensate the following month by making some sacrifice and setting aside a bigger amount. It shouldn't take you more than two months to compensate any reduced or missing deposit. That way you will soon build up enough savings to afford any medical procedure and save money on it by paying in cash upfront.
Seizing The Benefits Of Tax Deductions
Payments made to physicians and medical companies that do not imply certain elective treatments are tax-deductible up to a specific amount and therefore, when the time comes, you can save thousands of dollars on taxes by taking advantage of these deductions.
If you are not sure on how to do this or you don't do your taxes, then you can easily check with your accountant which type of deductions you can benefit from. Chances are that if a professional is already taking care of your finances, you are already utilizing these deductions, but nevertheless, you don't lose anything by asking.
Get On the Prosperity Train or Sink on the Debt Boat!
We are facing a critical economic and financial situation in our country today, and unless the majority of us make some serious adjustments to our financial situations, we are going to sink. I am not saying anything that most people don't already know, however, it seems that for many of us, things have to get so bad before we even acknowledge that there is a problem...well, HOUSTON, there is a problem.
I heard that the Chinese have the same word for "Crisis" and "Opportunity." For everything that is going on in the world right now, especially the economic turmoil in America, there are ways to take advantage of the situations. However, most important is taking care of our own situations first. The majority of people in America are drowning in debt, as is our government. A really good way to help this situation is to start a home-based business and start building and structuring longer-term wealth, because if most people continue the paths they are on, surely they will sink.
It comes down to each person really taking a hard and honest look at their situation and making a decision. The reality is that the government is not going to take care of us. Our companies are not going to take care of us, so it is up to us to take care of ourselves. We have all heard the statistics of Social Security and other government programs that are already way-overextended, and there is no way they can sustain the current load for much longer, never mind the fact that Baby Boomers are just going to be cashing in on their benefits in increasing numbers daily.
The bottom line is that if we want to prosper in these turbulent times, we have to become entrepreneurs, if not already, and create our own way. There are endless opportunities out there, most of which are bogus. It takes a discerning eye to spot what is real and what is not, and this is a search that more people would benefit greatly by doing.
We have the power to create our own freedom. The laws of the land are more favorable to home-business owners than to employees in many ways. Given the major economic trends that are occuring, the home-based business industry is only going to get hotter and hotter. Did you know that there will be a projected 80 million people in America alone looking for a business over the next 3-5 years? You could be one of them!
I heard that the Chinese have the same word for "Crisis" and "Opportunity." For everything that is going on in the world right now, especially the economic turmoil in America, there are ways to take advantage of the situations. However, most important is taking care of our own situations first. The majority of people in America are drowning in debt, as is our government. A really good way to help this situation is to start a home-based business and start building and structuring longer-term wealth, because if most people continue the paths they are on, surely they will sink.
It comes down to each person really taking a hard and honest look at their situation and making a decision. The reality is that the government is not going to take care of us. Our companies are not going to take care of us, so it is up to us to take care of ourselves. We have all heard the statistics of Social Security and other government programs that are already way-overextended, and there is no way they can sustain the current load for much longer, never mind the fact that Baby Boomers are just going to be cashing in on their benefits in increasing numbers daily.
The bottom line is that if we want to prosper in these turbulent times, we have to become entrepreneurs, if not already, and create our own way. There are endless opportunities out there, most of which are bogus. It takes a discerning eye to spot what is real and what is not, and this is a search that more people would benefit greatly by doing.
We have the power to create our own freedom. The laws of the land are more favorable to home-business owners than to employees in many ways. Given the major economic trends that are occuring, the home-based business industry is only going to get hotter and hotter. Did you know that there will be a projected 80 million people in America alone looking for a business over the next 3-5 years? You could be one of them!
How to Choose Your Bank
There are a lot of options to consider when choosing a bank. Now days, there are more options, services and accounts than ever to choose from. It can be confusing when deciding where to start. If you do a little research and possibly a little visiting, you can find a bank that fits your needs and goals.
If you find yourself in a financial binds pretty often, then you may want to choose a bank that offers something like a payday loan or a cash advance. These can be helpful if you're finding yourself making late payments on loans or credit cards. They can help you out of a financial bind and help you to avoid late fees and bad hits on your credit. Just be aware of the terms and try to make all of your payments on time. It's also important to make more than the minimum payment whenever possible to avoid putting bad information on your credit report.
If you qualify, then overdraft protection is a great thing to have on a checking account. Overdraft protection usually is a line of credit extended to you that can cover bounced checks or overdraws on your account. Overdraft protection can allow you to pull more out of an ATM than you actually have in your account. This is helpful when you're in need, but be careful not to abuse the privilege. Even with overdraft protection, you can incur substantial fees every time you dip into your overdraft account.
Sometimes the charges go directly on to a credit card. This can seem advantageous, but each overdraft generally comes with a fee and shows up as a cash advance on your credit card. Cash advances from a credit card aren't usually calculated at the same annual percentage rate as a regular purchase. Cash advances from your credit card are usually at the highest interest rate available to the credit card company. Keep track of your account. If you know that you're getting close to emptying your checking account, it might be a good idea to use your credit card if possible. This way, you're only charged the regular APR with no extra fees. This can save you from going more deeply in debt than you can handle.
Savings accounts are really useful ways to save money. It helps your credit score to have a checking and a savings account. Savings accounts usually have more strict guidelines on how often you can take money out than checking accounts do. This can be beneficial if you're serious about saving. Savings accounts can also be used as overdraft accounts and often don't have fees associated with the first few overdraft withdrawals. Be careful not to deplete your savings and try to have regular amounts of money going into savings at set intervals. A good option is to have an automatic draft from your checking to your savings happen on the same day that your paycheck goes into the bank. This way you don't ever see the money available in your checking and you don't make it an option not to save.
If you find yourself in a financial binds pretty often, then you may want to choose a bank that offers something like a payday loan or a cash advance. These can be helpful if you're finding yourself making late payments on loans or credit cards. They can help you out of a financial bind and help you to avoid late fees and bad hits on your credit. Just be aware of the terms and try to make all of your payments on time. It's also important to make more than the minimum payment whenever possible to avoid putting bad information on your credit report.
If you qualify, then overdraft protection is a great thing to have on a checking account. Overdraft protection usually is a line of credit extended to you that can cover bounced checks or overdraws on your account. Overdraft protection can allow you to pull more out of an ATM than you actually have in your account. This is helpful when you're in need, but be careful not to abuse the privilege. Even with overdraft protection, you can incur substantial fees every time you dip into your overdraft account.
Sometimes the charges go directly on to a credit card. This can seem advantageous, but each overdraft generally comes with a fee and shows up as a cash advance on your credit card. Cash advances from a credit card aren't usually calculated at the same annual percentage rate as a regular purchase. Cash advances from your credit card are usually at the highest interest rate available to the credit card company. Keep track of your account. If you know that you're getting close to emptying your checking account, it might be a good idea to use your credit card if possible. This way, you're only charged the regular APR with no extra fees. This can save you from going more deeply in debt than you can handle.
Savings accounts are really useful ways to save money. It helps your credit score to have a checking and a savings account. Savings accounts usually have more strict guidelines on how often you can take money out than checking accounts do. This can be beneficial if you're serious about saving. Savings accounts can also be used as overdraft accounts and often don't have fees associated with the first few overdraft withdrawals. Be careful not to deplete your savings and try to have regular amounts of money going into savings at set intervals. A good option is to have an automatic draft from your checking to your savings happen on the same day that your paycheck goes into the bank. This way you don't ever see the money available in your checking and you don't make it an option not to save.
Making Money Fast With a Garage Sale
So, you have an emergency and need some money fast. How can you make money quickly with what you have? A garage sale can be a great way to make some money fast while getting rid of extra items in your house. It will take some work, but it will be worth it to get through the crisis. Having a successful garage sale has become a science to some, so there is a lot of information available online. This article will give you some basic tips and tricks so that you have a smooth operating garage sale experience.
Step one is to set a date and advertise. You can place an ad in your local paper if you wish. If you are looking for cheaper options, consider searching the web for free sites to announce your garage sale. Tell all of your friends, family and co-workers to spread the word for you. A lot of grocery stores have bulletin boards where you can post a flyer letting people know where and when the garage sale will be, as well as what big ticket items you'll be selling.
The next step is to make signs. Use clear, big, bold letters to write your address and draw really big arrows leading people to your house. Bright poster board is a great option when trying to get the attention of people driving down the road. Make sure that you put an arrow at every turn going through your neighborhood. Make everything match if possible. If your sign off of the main road is bright orange, then use bright orange to make your arrows so that people know that they are still going the right way. Make sure that you don't post on traffic signs or light poles without permission from the highway commission, because it could be illegal and will point police directly to your house. Ask permission from your neighbors before placing signs in their yards and make sure that you take them down immediately after the garage sale.
Collect everything that you can from around your house, including worthless knick-knacks that you don't believe anyone would want. You'll be surprised what people will buy. Go in with other families if you can. The bigger the garage sale, the better. Price items clearly with bright stickers. Make everything as cheap as possible and be willing to haggle. Use different colors for different families if you need to. Collect a lot of cash change before the big day. You'll need a lot of one dollar bills, fives, tens and lots of coins. Use a cash box if you can. It's generally not a good idea to accept checks. Not only might the check not be good, but your bank could charge you a fee for presenting them with a check that bounces.
Put everything out on sturdy tables and be prepared for people to flood into your yard. As soon as the ad hits, or people see you putting up signs, they'll want to be the first ones there. If you don't make enough money from your garage sale to get you through an emergency, you may consider a payday loan or cash advance to get you through.
Step one is to set a date and advertise. You can place an ad in your local paper if you wish. If you are looking for cheaper options, consider searching the web for free sites to announce your garage sale. Tell all of your friends, family and co-workers to spread the word for you. A lot of grocery stores have bulletin boards where you can post a flyer letting people know where and when the garage sale will be, as well as what big ticket items you'll be selling.
The next step is to make signs. Use clear, big, bold letters to write your address and draw really big arrows leading people to your house. Bright poster board is a great option when trying to get the attention of people driving down the road. Make sure that you put an arrow at every turn going through your neighborhood. Make everything match if possible. If your sign off of the main road is bright orange, then use bright orange to make your arrows so that people know that they are still going the right way. Make sure that you don't post on traffic signs or light poles without permission from the highway commission, because it could be illegal and will point police directly to your house. Ask permission from your neighbors before placing signs in their yards and make sure that you take them down immediately after the garage sale.
Collect everything that you can from around your house, including worthless knick-knacks that you don't believe anyone would want. You'll be surprised what people will buy. Go in with other families if you can. The bigger the garage sale, the better. Price items clearly with bright stickers. Make everything as cheap as possible and be willing to haggle. Use different colors for different families if you need to. Collect a lot of cash change before the big day. You'll need a lot of one dollar bills, fives, tens and lots of coins. Use a cash box if you can. It's generally not a good idea to accept checks. Not only might the check not be good, but your bank could charge you a fee for presenting them with a check that bounces.
Put everything out on sturdy tables and be prepared for people to flood into your yard. As soon as the ad hits, or people see you putting up signs, they'll want to be the first ones there. If you don't make enough money from your garage sale to get you through an emergency, you may consider a payday loan or cash advance to get you through.
Payment Protection Providers
No matter what you buy, it's likely that some choices will be, if not disasters, certainly poor. For example, that pair of jeans that doesn't fit is likely to end up in the back of the closet and never worn.
Although poor choices are a part of life, in some cases, they are more important than they are in others. For example, mortgage payment protection insurance is much more important than a simple ill-fitting pair of jeans. It can leave you covered in times of distress if you have the right cover, or you can be high and dry with no place to go if you don't. Therefore, it's important for you to know what you're looking for when you make your choice. Although you can cancel, it's likely to come with a penalty if you cancel outside of the stated cancellation period.
The marketplace has many payment protection providers to choose from. Each can vary in terms of what they offer and how much they charge, but it should be relatively easy to decide whom you want to insure with. To start, provide some basic information about your needs, and the rest should be fairly simple.
What Are You Looking for?
There are three main types of mortgage payment protection available. Most insurers will be able to provide you with all three of them, but some may be more knowledgeable in one type that in others. Therefore, it's best if you know which type of coverage you're looking for before you shop for a provider. The types of insurance are:
* Unemployment and incapacity. With this type of insurance, you're covered if you lose your job, or if an illness or accident leaves you unable to work for an extended period of time. This is the most comprehensive and is the one that will protect you the most, so it's likely that you'll want this one.
* Unemployment only: This type of insurance will cover you if you lose your job, but it will not cover you for any other kind of job loss; for example, if you become injured on the job or become ill and cannot work because of either of these reasons, this type of insurance will not cover you.
* Incapacity only: Just like it sounds, this type of insurance will cover you if you become ill or injured and cannot work, but it will not cover you if you lose your job to some type of unemployment scenario. This type of insurance does work for those who are self-employed, since they are typically only classified as unemployed if they stop trading altogether and not if they're simply having a lull in business.
The Best Payment Protection Providers
There are literally thousands of payment protection providers available, whether on the high street or online. However, it might surprise you to know that you are likely to find your best choice online. In addition, you likely save money on premiums by shopping online for your provider as well.
One of the best providers is British Insurance. They have been awarded the 2007 What Mortgage Best Buy and are also recommended by the website MoneySavingExpert. If you wish, use Google to find other providers and do your own homework. In this way, you'll know just what types of payment protection insurance are out there through the different providers.
Although poor choices are a part of life, in some cases, they are more important than they are in others. For example, mortgage payment protection insurance is much more important than a simple ill-fitting pair of jeans. It can leave you covered in times of distress if you have the right cover, or you can be high and dry with no place to go if you don't. Therefore, it's important for you to know what you're looking for when you make your choice. Although you can cancel, it's likely to come with a penalty if you cancel outside of the stated cancellation period.
The marketplace has many payment protection providers to choose from. Each can vary in terms of what they offer and how much they charge, but it should be relatively easy to decide whom you want to insure with. To start, provide some basic information about your needs, and the rest should be fairly simple.
What Are You Looking for?
There are three main types of mortgage payment protection available. Most insurers will be able to provide you with all three of them, but some may be more knowledgeable in one type that in others. Therefore, it's best if you know which type of coverage you're looking for before you shop for a provider. The types of insurance are:
* Unemployment and incapacity. With this type of insurance, you're covered if you lose your job, or if an illness or accident leaves you unable to work for an extended period of time. This is the most comprehensive and is the one that will protect you the most, so it's likely that you'll want this one.
* Unemployment only: This type of insurance will cover you if you lose your job, but it will not cover you for any other kind of job loss; for example, if you become injured on the job or become ill and cannot work because of either of these reasons, this type of insurance will not cover you.
* Incapacity only: Just like it sounds, this type of insurance will cover you if you become ill or injured and cannot work, but it will not cover you if you lose your job to some type of unemployment scenario. This type of insurance does work for those who are self-employed, since they are typically only classified as unemployed if they stop trading altogether and not if they're simply having a lull in business.
The Best Payment Protection Providers
There are literally thousands of payment protection providers available, whether on the high street or online. However, it might surprise you to know that you are likely to find your best choice online. In addition, you likely save money on premiums by shopping online for your provider as well.
One of the best providers is British Insurance. They have been awarded the 2007 What Mortgage Best Buy and are also recommended by the website MoneySavingExpert. If you wish, use Google to find other providers and do your own homework. In this way, you'll know just what types of payment protection insurance are out there through the different providers.
Preventing Debt
The best way to prevent going into debt is by not going into debt in the first place. Like it is always said, prevention is the best cure. It works both in the health sector as well as the financial one. In order to keep from getting sick, it is best to live your life so you do not get sick in the first place. In your financial world, if you live your life responsibly and within your means, you can enjoy the peace of mind that goes along with it.
A budget is your key to success with preventing debt. A budget will show you what you can actually afford to spend. Take an inventory of all your income then subtract your debts. This will include all debt servicing payments, child support, or other things that take money away each month. You may find that you do not have as much as you thought after subtracting what you pay out. On the contrary and hopefully, you may have more than you thought. A budget will be your strongest aid in helping determine your financial well being.
Some expenses will be discretionary and other non-discretionary. Discretionary items are items that you have say over how much you spend. Discretionary items are going out to eat, clothing and entertainment expenses. Anything that you can control the expense is a discretionary expense. On the other hand, a non-discretionary are expenses that are for the most part fixed. Expenses such as mortgages and car payments are examples of non-discretionary items. It would be wise to concentrate lowering your discretionary expenses as you start out on your path to being debt free or controlling your debt.
Once you have some preliminary numbers down, you will need to work on what luxuries you can do without. Do you get a manicure every month? Or perhaps weekly? Is this something you really need? Do you smoke or drink? You could possibly save hundreds, not to mention your health, just by cutting these two things out. There is nothing good to say about smoking, but with moderation, drinking is not necessarily a negative behavior. But chances are, you could save some easy cash if you do it in moderation or not at all. Do you eat out at work? Could you pack your lunch instead? Maybe take some leftovers from the dinner you made the night before? These simple things will help tremendously on keeping within your budget and not living beyond your means.
The money you will be saving can go towards paying off your smaller or higher interest rate debts first. You would be surprised how this would add up. If you prefer, you can put it in savings account and pay a lump sum to the credit card. It makes absolutely no sense to keep it in a savings account and not pay off the debt. Chances are you are getting 3% or less on your savings and paying double digit interest on your credit cards. If you pay off your credit cards with the savings, it is the equivalent
of getting an automatic hike in your savings interest, which means more money in your pocket eventually.
Going into debt is one of the easiest things a person can do. We are constantly tempted with buying things we do not need. It is much more difficult but rewarding to say no to the pressures and stay debt free. Stay away from the high interest credit cards that are making banks rich. Make yourself rich instead.
A budget is your key to success with preventing debt. A budget will show you what you can actually afford to spend. Take an inventory of all your income then subtract your debts. This will include all debt servicing payments, child support, or other things that take money away each month. You may find that you do not have as much as you thought after subtracting what you pay out. On the contrary and hopefully, you may have more than you thought. A budget will be your strongest aid in helping determine your financial well being.
Some expenses will be discretionary and other non-discretionary. Discretionary items are items that you have say over how much you spend. Discretionary items are going out to eat, clothing and entertainment expenses. Anything that you can control the expense is a discretionary expense. On the other hand, a non-discretionary are expenses that are for the most part fixed. Expenses such as mortgages and car payments are examples of non-discretionary items. It would be wise to concentrate lowering your discretionary expenses as you start out on your path to being debt free or controlling your debt.
Once you have some preliminary numbers down, you will need to work on what luxuries you can do without. Do you get a manicure every month? Or perhaps weekly? Is this something you really need? Do you smoke or drink? You could possibly save hundreds, not to mention your health, just by cutting these two things out. There is nothing good to say about smoking, but with moderation, drinking is not necessarily a negative behavior. But chances are, you could save some easy cash if you do it in moderation or not at all. Do you eat out at work? Could you pack your lunch instead? Maybe take some leftovers from the dinner you made the night before? These simple things will help tremendously on keeping within your budget and not living beyond your means.
The money you will be saving can go towards paying off your smaller or higher interest rate debts first. You would be surprised how this would add up. If you prefer, you can put it in savings account and pay a lump sum to the credit card. It makes absolutely no sense to keep it in a savings account and not pay off the debt. Chances are you are getting 3% or less on your savings and paying double digit interest on your credit cards. If you pay off your credit cards with the savings, it is the equivalent
of getting an automatic hike in your savings interest, which means more money in your pocket eventually.
Going into debt is one of the easiest things a person can do. We are constantly tempted with buying things we do not need. It is much more difficult but rewarding to say no to the pressures and stay debt free. Stay away from the high interest credit cards that are making banks rich. Make yourself rich instead.
Payday Cash Loans - What You Need To Know About Cash Advance Payday Loans
When you need emergency cash, the most common place to turn is payday cash loans. A cash advance is just quick and easy. A poor credit score will never stand in the way of guaranteed payday loans.
Using the Internet has big advantages because it's so fast and easy to apply online, without the need to travel across town to a payday loan company; and often you can easily get a one hour loan. You can get a no bank statement loan almost within an instant and using what is called a faxless payday loan. Once you're approved for a payday cash advance, they'll electronically deposit the money directly into your checking account. You can even get payday loans with no checking account from some lenders. These loans may be right for you if you need a little money for a short period of time.
The reason why these loans are so popular is that they allow you to get your money quickly and with minimum fuss. The payday cash loan companies help thousands of people every day with their short term money problems. Paperless payday loans are just as the name suggests; there is no paperwork involved in the application process.
Payday cash loans or cash advances are lifesavers for short-term, small cash problems. With cash advance payday loans, there is no credit check. The average borrower is employed and who uses the paycheck to take care of emergency needs.
Emergency payday cash loans or cash advances help you pay your mortgage, auto loan, or any number of other bills that you just can't handle because of an unseen expense or two. The new online payday loans work just like the traditional payday advance loan. Most of them can offer a short-term instant loan to anyone over 18 years of age who has an active bank account and steady job.
To process payday loans quickly and conveniently, clients must provide a few personal details, their online contact email address and bank and employment information. Returning customers can receive even higher loans in the future. They are available nationwide and you can get the money directly deposited into your bank account very quickly.
Payday cash loans are the fastest way to obtain an electronic deposit to your checking or savings account, so you can avoid costly bounced check or late payment penalties. They work like this: you fill out an application and provide the lender with items such as paycheck stubs and a photo ID. With a 100% online pay day loan approval process there is no need to leave your computer to get a cash advance because your request is generally instantly processed on a secure server and your personal payday advance is wire transferred to you quickly.
You should be aware that the interest rate on a payday loan may be 500% per year or more; so make sure that you'll be able to pay it back to avoid any further cost. You can check around for low fee payday loans also because it's a very competitive market. Most loan companies online, who provide next day cash advances and faxless loans, do so with no credit check. Hard to believe but you can apply over the Internet for a loan and get approval in as little as 30 seconds sometimes.
Whether you have bad credit, slow credit or no credit there are cash advances available to you. Payday loans are lifesavers for short-term, small cash problems: a good solution for anyone who needs a fast, easy and confidential way of getting emergency cash.
Using the Internet has big advantages because it's so fast and easy to apply online, without the need to travel across town to a payday loan company; and often you can easily get a one hour loan. You can get a no bank statement loan almost within an instant and using what is called a faxless payday loan. Once you're approved for a payday cash advance, they'll electronically deposit the money directly into your checking account. You can even get payday loans with no checking account from some lenders. These loans may be right for you if you need a little money for a short period of time.
The reason why these loans are so popular is that they allow you to get your money quickly and with minimum fuss. The payday cash loan companies help thousands of people every day with their short term money problems. Paperless payday loans are just as the name suggests; there is no paperwork involved in the application process.
Payday cash loans or cash advances are lifesavers for short-term, small cash problems. With cash advance payday loans, there is no credit check. The average borrower is employed and who uses the paycheck to take care of emergency needs.
Emergency payday cash loans or cash advances help you pay your mortgage, auto loan, or any number of other bills that you just can't handle because of an unseen expense or two. The new online payday loans work just like the traditional payday advance loan. Most of them can offer a short-term instant loan to anyone over 18 years of age who has an active bank account and steady job.
To process payday loans quickly and conveniently, clients must provide a few personal details, their online contact email address and bank and employment information. Returning customers can receive even higher loans in the future. They are available nationwide and you can get the money directly deposited into your bank account very quickly.
Payday cash loans are the fastest way to obtain an electronic deposit to your checking or savings account, so you can avoid costly bounced check or late payment penalties. They work like this: you fill out an application and provide the lender with items such as paycheck stubs and a photo ID. With a 100% online pay day loan approval process there is no need to leave your computer to get a cash advance because your request is generally instantly processed on a secure server and your personal payday advance is wire transferred to you quickly.
You should be aware that the interest rate on a payday loan may be 500% per year or more; so make sure that you'll be able to pay it back to avoid any further cost. You can check around for low fee payday loans also because it's a very competitive market. Most loan companies online, who provide next day cash advances and faxless loans, do so with no credit check. Hard to believe but you can apply over the Internet for a loan and get approval in as little as 30 seconds sometimes.
Whether you have bad credit, slow credit or no credit there are cash advances available to you. Payday loans are lifesavers for short-term, small cash problems: a good solution for anyone who needs a fast, easy and confidential way of getting emergency cash.
Payment Protection Providers
No matter what you buy, it's likely that some choices will be, if not disasters, certainly poor. For example, that pair of jeans that doesn't fit is likely to end up in the back of the closet and never worn.
Although poor choices are a part of life, in some cases, they are more important than they are in others. For example, mortgage payment protection insurance is much more important than a simple ill-fitting pair of jeans. It can leave you covered in times of distress if you have the right cover, or you can be high and dry with no place to go if you don't. Therefore, it's important for you to know what you're looking for when you make your choice. Although you can cancel, it's likely to come with a penalty if you cancel outside of the stated cancellation period.
The marketplace has many payment protection providers to choose from. Each can vary in terms of what they offer and how much they charge, but it should be relatively easy to decide whom you want to insure with. To start, provide some basic information about your needs, and the rest should be fairly simple.
What Are You Looking for?
There are three main types of mortgage payment protection available. Most insurers will be able to provide you with all three of them, but some may be more knowledgeable in one type that in others. Therefore, it's best if you know which type of coverage you're looking for before you shop for a provider. The types of insurance are:
* Unemployment and incapacity. With this type of insurance, you're covered if you lose your job, or if an illness or accident leaves you unable to work for an extended period of time. This is the most comprehensive and is the one that will protect you the most, so it's likely that you'll want this one.
* Unemployment only: This type of insurance will cover you if you lose your job, but it will not cover you for any other kind of job loss; for example, if you become injured on the job or become ill and cannot work because of either of these reasons, this type of insurance will not cover you.
* Incapacity only: Just like it sounds, this type of insurance will cover you if you become ill or injured and cannot work, but it will not cover you if you lose your job to some type of unemployment scenario. This type of insurance does work for those who are self-employed, since they are typically only classified as unemployed if they stop trading altogether and not if they're simply having a lull in business.
The Best Payment Protection Providers
There are literally thousands of payment protection providers available, whether on the high street or online. However, it might surprise you to know that you are likely to find your best choice online. In addition, you likely save money on premiums by shopping online for your provider as well.
One of the best providers is British Insurance. They have been awarded the 2007 What Mortgage Best Buy and are also recommended by the website MoneySavingExpert. If you wish, use Google to find other providers and do your own homework. In this way, you'll know just what types of payment protection insurance are out there through the different providers.
Although poor choices are a part of life, in some cases, they are more important than they are in others. For example, mortgage payment protection insurance is much more important than a simple ill-fitting pair of jeans. It can leave you covered in times of distress if you have the right cover, or you can be high and dry with no place to go if you don't. Therefore, it's important for you to know what you're looking for when you make your choice. Although you can cancel, it's likely to come with a penalty if you cancel outside of the stated cancellation period.
The marketplace has many payment protection providers to choose from. Each can vary in terms of what they offer and how much they charge, but it should be relatively easy to decide whom you want to insure with. To start, provide some basic information about your needs, and the rest should be fairly simple.
What Are You Looking for?
There are three main types of mortgage payment protection available. Most insurers will be able to provide you with all three of them, but some may be more knowledgeable in one type that in others. Therefore, it's best if you know which type of coverage you're looking for before you shop for a provider. The types of insurance are:
* Unemployment and incapacity. With this type of insurance, you're covered if you lose your job, or if an illness or accident leaves you unable to work for an extended period of time. This is the most comprehensive and is the one that will protect you the most, so it's likely that you'll want this one.
* Unemployment only: This type of insurance will cover you if you lose your job, but it will not cover you for any other kind of job loss; for example, if you become injured on the job or become ill and cannot work because of either of these reasons, this type of insurance will not cover you.
* Incapacity only: Just like it sounds, this type of insurance will cover you if you become ill or injured and cannot work, but it will not cover you if you lose your job to some type of unemployment scenario. This type of insurance does work for those who are self-employed, since they are typically only classified as unemployed if they stop trading altogether and not if they're simply having a lull in business.
The Best Payment Protection Providers
There are literally thousands of payment protection providers available, whether on the high street or online. However, it might surprise you to know that you are likely to find your best choice online. In addition, you likely save money on premiums by shopping online for your provider as well.
One of the best providers is British Insurance. They have been awarded the 2007 What Mortgage Best Buy and are also recommended by the website MoneySavingExpert. If you wish, use Google to find other providers and do your own homework. In this way, you'll know just what types of payment protection insurance are out there through the different providers.
Preventing Debt
The best way to prevent going into debt is by not going into debt in the first place. Like it is always said, prevention is the best cure. It works both in the health sector as well as the financial one. In order to keep from getting sick, it is best to live your life so you do not get sick in the first place. In your financial world, if you live your life responsibly and within your means, you can enjoy the peace of mind that goes along with it.
A budget is your key to success with preventing debt. A budget will show you what you can actually afford to spend. Take an inventory of all your income then subtract your debts. This will include all debt servicing payments, child support, or other things that take money away each month. You may find that you do not have as much as you thought after subtracting what you pay out. On the contrary and hopefully, you may have more than you thought. A budget will be your strongest aid in helping determine your financial well being.
Some expenses will be discretionary and other non-discretionary. Discretionary items are items that you have say over how much you spend. Discretionary items are going out to eat, clothing and entertainment expenses. Anything that you can control the expense is a discretionary expense. On the other hand, a non-discretionary are expenses that are for the most part fixed. Expenses such as mortgages and car payments are examples of non-discretionary items. It would be wise to concentrate lowering your discretionary expenses as you start out on your path to being debt free or controlling your debt.
Once you have some preliminary numbers down, you will need to work on what luxuries you can do without. Do you get a manicure every month? Or perhaps weekly? Is this something you really need? Do you smoke or drink? You could possibly save hundreds, not to mention your health, just by cutting these two things out. There is nothing good to say about smoking, but with moderation, drinking is not necessarily a negative behavior. But chances are, you could save some easy cash if you do it in moderation or not at all. Do you eat out at work? Could you pack your lunch instead? Maybe take some leftovers from the dinner you made the night before? These simple things will help tremendously on keeping within your budget and not living beyond your means.
The money you will be saving can go towards paying off your smaller or higher interest rate debts first. You would be surprised how this would add up. If you prefer, you can put it in savings account and pay a lump sum to the credit card. It makes absolutely no sense to keep it in a savings account and not pay off the debt. Chances are you are getting 3% or less on your savings and paying double digit interest on your credit cards. If you pay off your credit cards with the savings, it is the equivalent
of getting an automatic hike in your savings interest, which means more money in your pocket eventually.
Going into debt is one of the easiest things a person can do. We are constantly tempted with buying things we do not need. It is much more difficult but rewarding to say no to the pressures and stay debt free. Stay away from the high interest credit cards that are making banks rich. Make yourself rich instead.
A budget is your key to success with preventing debt. A budget will show you what you can actually afford to spend. Take an inventory of all your income then subtract your debts. This will include all debt servicing payments, child support, or other things that take money away each month. You may find that you do not have as much as you thought after subtracting what you pay out. On the contrary and hopefully, you may have more than you thought. A budget will be your strongest aid in helping determine your financial well being.
Some expenses will be discretionary and other non-discretionary. Discretionary items are items that you have say over how much you spend. Discretionary items are going out to eat, clothing and entertainment expenses. Anything that you can control the expense is a discretionary expense. On the other hand, a non-discretionary are expenses that are for the most part fixed. Expenses such as mortgages and car payments are examples of non-discretionary items. It would be wise to concentrate lowering your discretionary expenses as you start out on your path to being debt free or controlling your debt.
Once you have some preliminary numbers down, you will need to work on what luxuries you can do without. Do you get a manicure every month? Or perhaps weekly? Is this something you really need? Do you smoke or drink? You could possibly save hundreds, not to mention your health, just by cutting these two things out. There is nothing good to say about smoking, but with moderation, drinking is not necessarily a negative behavior. But chances are, you could save some easy cash if you do it in moderation or not at all. Do you eat out at work? Could you pack your lunch instead? Maybe take some leftovers from the dinner you made the night before? These simple things will help tremendously on keeping within your budget and not living beyond your means.
The money you will be saving can go towards paying off your smaller or higher interest rate debts first. You would be surprised how this would add up. If you prefer, you can put it in savings account and pay a lump sum to the credit card. It makes absolutely no sense to keep it in a savings account and not pay off the debt. Chances are you are getting 3% or less on your savings and paying double digit interest on your credit cards. If you pay off your credit cards with the savings, it is the equivalent
of getting an automatic hike in your savings interest, which means more money in your pocket eventually.
Going into debt is one of the easiest things a person can do. We are constantly tempted with buying things we do not need. It is much more difficult but rewarding to say no to the pressures and stay debt free. Stay away from the high interest credit cards that are making banks rich. Make yourself rich instead.
How To Allocate Your Money for Maximum Returns & Minimum Risk
So with all these money multiplication strategies, where should you put your hard earned savings? How should you allocate your funds to generate maximum gains yet minimize your risks?
I am sure you have heard of the term 'don't put all your eggs in one basket.' Even though you are going to learn how to achieve minimum risk & maximum returns in each basket, it is still wise to allocate your funds into different instruments with different targeted holding periods. In times of emergency when you need the cash, you can be sure that all your funds are not stuck in one place.
Now, here is an important disclaimer. In most financial textbooks, they advise diversifying your funds into many different investment vehicles like bonds, stocks, mutual funds, money markets instruments as well as spreading your money across numerous different sectors and different countries to diversify your risks. To an average investor who has low financial competence and needs the wide diversification to lower risk, this makes sense. However, while this kind of broad diversification guarantees low risk, it also guarantees low returns of 5%-8%.
I personally do not follow this strategy. Warren Buffett advises that 'broad diversification is used by people to protect themselves against their own ignorance.' If you know what you are doing (high financial intelligence), you should concentrate your portfolio into equities (stocks & mutual funds) as they achieve the highest return. And you can achieve low risk not by simply spreading your money around, but by your competence of knowing which funds and stocks to pick.
So, the strategy I am going to share with you would be deemed highly risky by the general financial advisors and bankers. Again, it's because most investors lack the competence to do otherwise. However, with the strategies and knowledge you are gaining in this book, you will prove to yourself that it is actually low risk, high return strategy.
Knowing how to allocate the money you save is the single most important decision that will lead to your financial goals. You should take your monthly savings of 15-20% and allocate it to four money baskets. These are the security basket, growth basket, high growth basket and the luxury basket. Let me explain each of these.
1. Security Basket (Target Return of 1.5%-4.5%pa)
This first basket is as the name implies, for your security. The funds in this basket grow just enough to keep pace with inflation. However, they are there in case of emergencies. If you suddenly lose your job, experience a salary cut or suffer a setback in your business, you know that you will have access to these funds anytime to see you through.
This basket should include cash, fixed deposits/certificates of deposits, personal housing, insurance & capital guaranteed funds.
2. Growth Basket 1 (Target Return of 8.51%-20%pa)
This is the basket where you build your net worth & positive cash flow assets that will lead you to financial freedom. This basket is where you put your money into index funds, Exchange Traded Funds (ETFs) and mutual funds. You should also divide your funds between the US market and Asian markets. Although mentioned earlier that Asian equities have disadvantages, we cannot deny the huge growth opportunities that Asia offers (especially India and China).
3. Growth Basket 2 (15%-25%)
This is the basket where you ACCELERATE the building of your net worth & positive cash flow assets that will lead you to financial freedom. Once again, you should not have to touch this money for five to ten years to let the power of compounding work its magic.
This basket is where you put your money into a winning portfolio of ten to twelve company stocks. And again, you should hold some Asian stocks as well as US stocks.
4. Luxury Basket (0%)
Your luxury basket is where you save up to indulge in your dream assets. This is money that you can afford to spend on things that are fun like:
Upgrading to a dream house, luxury cars, jewelry, boats and other luxuries. Again remember from the chapter on 'How the rich manage their cash flow' that the money to be used for luxuries should not come from your primary source of income, but from the passive income generated from your positive cash flow assets.
I am sure you have heard of the term 'don't put all your eggs in one basket.' Even though you are going to learn how to achieve minimum risk & maximum returns in each basket, it is still wise to allocate your funds into different instruments with different targeted holding periods. In times of emergency when you need the cash, you can be sure that all your funds are not stuck in one place.
Now, here is an important disclaimer. In most financial textbooks, they advise diversifying your funds into many different investment vehicles like bonds, stocks, mutual funds, money markets instruments as well as spreading your money across numerous different sectors and different countries to diversify your risks. To an average investor who has low financial competence and needs the wide diversification to lower risk, this makes sense. However, while this kind of broad diversification guarantees low risk, it also guarantees low returns of 5%-8%.
I personally do not follow this strategy. Warren Buffett advises that 'broad diversification is used by people to protect themselves against their own ignorance.' If you know what you are doing (high financial intelligence), you should concentrate your portfolio into equities (stocks & mutual funds) as they achieve the highest return. And you can achieve low risk not by simply spreading your money around, but by your competence of knowing which funds and stocks to pick.
So, the strategy I am going to share with you would be deemed highly risky by the general financial advisors and bankers. Again, it's because most investors lack the competence to do otherwise. However, with the strategies and knowledge you are gaining in this book, you will prove to yourself that it is actually low risk, high return strategy.
Knowing how to allocate the money you save is the single most important decision that will lead to your financial goals. You should take your monthly savings of 15-20% and allocate it to four money baskets. These are the security basket, growth basket, high growth basket and the luxury basket. Let me explain each of these.
1. Security Basket (Target Return of 1.5%-4.5%pa)
This first basket is as the name implies, for your security. The funds in this basket grow just enough to keep pace with inflation. However, they are there in case of emergencies. If you suddenly lose your job, experience a salary cut or suffer a setback in your business, you know that you will have access to these funds anytime to see you through.
This basket should include cash, fixed deposits/certificates of deposits, personal housing, insurance & capital guaranteed funds.
2. Growth Basket 1 (Target Return of 8.51%-20%pa)
This is the basket where you build your net worth & positive cash flow assets that will lead you to financial freedom. This basket is where you put your money into index funds, Exchange Traded Funds (ETFs) and mutual funds. You should also divide your funds between the US market and Asian markets. Although mentioned earlier that Asian equities have disadvantages, we cannot deny the huge growth opportunities that Asia offers (especially India and China).
3. Growth Basket 2 (15%-25%)
This is the basket where you ACCELERATE the building of your net worth & positive cash flow assets that will lead you to financial freedom. Once again, you should not have to touch this money for five to ten years to let the power of compounding work its magic.
This basket is where you put your money into a winning portfolio of ten to twelve company stocks. And again, you should hold some Asian stocks as well as US stocks.
4. Luxury Basket (0%)
Your luxury basket is where you save up to indulge in your dream assets. This is money that you can afford to spend on things that are fun like:
Upgrading to a dream house, luxury cars, jewelry, boats and other luxuries. Again remember from the chapter on 'How the rich manage their cash flow' that the money to be used for luxuries should not come from your primary source of income, but from the passive income generated from your positive cash flow assets.
Useful Information And Advice College Financing Programs Recommend For You
College education is one necessity in life anyone desires to have. It is for sure that the higher you get with college education the better the job you will get in future. This also means a higher pay and a more comfy. But nothing good comes easily!
College Education is becoming so expensive and many are on the look out for extra finances just to meet this need. Did you know that this can easily be solved by getting enough information and advice on College Financing Programs? Well let me just make it clear for you. College Financing Programs gives you, as a college student, clear and detailed information on financing your college education. Do not go blindly into any kind of college financing without a clear mind on what it entails. This information is available for you and there are so many government and private college financial institutions offering the information.
You need a good plan for this so that even before going to the college of your choice you will smartly decide who should be your college financier basing on the requirements of that college. Your school adviser this time round is a key person you should consider talking to about college financing. He should explain in details on how college financing will help you go through the college life and just how it can affect you and your family while in college and after you are done with it.
Just like always, you will find so many documents to read and agree with, sign and apply. All this may lead to so much confusion in your mind. But many institutions offering college financing are a bit organized and just by following their guidelines, you will get there, believe me! For instance, the federal government has good quality online information with many defined links connecting to the ideal application forms that you submit to college financing institutions. In the college financing guide you will also learn of the available student loan programs, estimate the cost for college education; get info about the effects of defaulted loans and even funding alternatives.
Once you have made up your mind that you need a college financier the links to these college financing institutions will help you find the best and a step by step approved application process that will leave you smiling for achieving something.
And Just before I forget! let me give you my last word, that undeniably, university and college education is proving quite expensive these days, and for sure we all want to go through this education just to achieve more for the sake of our future and the generations to come. We are left with no choice but to comply with this changing and devastating stipulation. Well what do we do? Let us get positive and learn more about how we can finance this education however expensive it could get. So get this college financing information yourself so that when you go to look for the financiers you will have a concrete idea on what you expect and a better choice of college too.
College Education is becoming so expensive and many are on the look out for extra finances just to meet this need. Did you know that this can easily be solved by getting enough information and advice on College Financing Programs? Well let me just make it clear for you. College Financing Programs gives you, as a college student, clear and detailed information on financing your college education. Do not go blindly into any kind of college financing without a clear mind on what it entails. This information is available for you and there are so many government and private college financial institutions offering the information.
You need a good plan for this so that even before going to the college of your choice you will smartly decide who should be your college financier basing on the requirements of that college. Your school adviser this time round is a key person you should consider talking to about college financing. He should explain in details on how college financing will help you go through the college life and just how it can affect you and your family while in college and after you are done with it.
Just like always, you will find so many documents to read and agree with, sign and apply. All this may lead to so much confusion in your mind. But many institutions offering college financing are a bit organized and just by following their guidelines, you will get there, believe me! For instance, the federal government has good quality online information with many defined links connecting to the ideal application forms that you submit to college financing institutions. In the college financing guide you will also learn of the available student loan programs, estimate the cost for college education; get info about the effects of defaulted loans and even funding alternatives.
Once you have made up your mind that you need a college financier the links to these college financing institutions will help you find the best and a step by step approved application process that will leave you smiling for achieving something.
And Just before I forget! let me give you my last word, that undeniably, university and college education is proving quite expensive these days, and for sure we all want to go through this education just to achieve more for the sake of our future and the generations to come. We are left with no choice but to comply with this changing and devastating stipulation. Well what do we do? Let us get positive and learn more about how we can finance this education however expensive it could get. So get this college financing information yourself so that when you go to look for the financiers you will have a concrete idea on what you expect and a better choice of college too.
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There are several excellent strategies to saving money on groceries, depending on how you eat.
Regular Foods
If you eat commercially prepared foods, you can feed your family on pennies a day by taking advantage of coupons and refunds. By combining sales, manufacturer's and store coupons, you can get items for free, or even get paid to take them. Forget a savings of 25c off a tube of toothpaste. Stores have got awesome deals ripe for the taking, if you understand the concept. On foods you cannot get free, like meats and produce, there are great organizations out there that serve the general public (not low income folks) like Angel Food Ministries where you can get a box of restaurant quality meats, produce, and other staples, worth $50-75, for only $25. Many areas across the country also have the SHARE program, which provides heavy discounts on meats and staples in exchange for your involvement in your choice of volunteer work in your community.
Healthy Foods
Unfortunately, those of us who choose to eat organic or health foods do not have the ability to acquire food so inexpensively. There are relatively few coupons on the market for organic foods, as they are not advertised as heavily. But, there are other options!
1. Organic Co-Ops
Check out your local organic coops. This is where multiple families get together to share a wholesale organic purchase, usually produce.
2. Community Supported Agriculture, CSA
Check out the local CSA in your area. This is where you purchase, in advance, a share of a farmer's harvest. The food is healthy, fresh, and does not travel long distances so it can be ripened on the vine instead of picked early and artificially ripened.
3. Grow it Yourself
If you have the space, the most cost effective way to reduce your healthy food grocery bill is to grow/raise some food yourself. Victory gardens, herb gardens, fruit trees, chickens and even rabbits can be raised in a small location without a huge investment of money or time. You can even sell or barter excess foods.
No matter how you choose to eat, there are ways to cut down on your grocery bills. A few more tips:
-Menu Plan
-Write out a grocery list
-Shop alone (no hubby or kids)
-Do not grocery shop while hungry
-Take a certain amount of cash with you and leave your credit cards at home
Regular Foods
If you eat commercially prepared foods, you can feed your family on pennies a day by taking advantage of coupons and refunds. By combining sales, manufacturer's and store coupons, you can get items for free, or even get paid to take them. Forget a savings of 25c off a tube of toothpaste. Stores have got awesome deals ripe for the taking, if you understand the concept. On foods you cannot get free, like meats and produce, there are great organizations out there that serve the general public (not low income folks) like Angel Food Ministries where you can get a box of restaurant quality meats, produce, and other staples, worth $50-75, for only $25. Many areas across the country also have the SHARE program, which provides heavy discounts on meats and staples in exchange for your involvement in your choice of volunteer work in your community.
Healthy Foods
Unfortunately, those of us who choose to eat organic or health foods do not have the ability to acquire food so inexpensively. There are relatively few coupons on the market for organic foods, as they are not advertised as heavily. But, there are other options!
1. Organic Co-Ops
Check out your local organic coops. This is where multiple families get together to share a wholesale organic purchase, usually produce.
2. Community Supported Agriculture, CSA
Check out the local CSA in your area. This is where you purchase, in advance, a share of a farmer's harvest. The food is healthy, fresh, and does not travel long distances so it can be ripened on the vine instead of picked early and artificially ripened.
3. Grow it Yourself
If you have the space, the most cost effective way to reduce your healthy food grocery bill is to grow/raise some food yourself. Victory gardens, herb gardens, fruit trees, chickens and even rabbits can be raised in a small location without a huge investment of money or time. You can even sell or barter excess foods.
No matter how you choose to eat, there are ways to cut down on your grocery bills. A few more tips:
-Menu Plan
-Write out a grocery list
-Shop alone (no hubby or kids)
-Do not grocery shop while hungry
-Take a certain amount of cash with you and leave your credit cards at home
Upcoming Strategies to Save Money
Research by economists shows that saving money has little to do with the income. It's all about the will to save and the will to adjust to boost up the saving. The study also figured out that it is not just the people with higher income who managed to save the most. In fact, the lowest income groups have the capability to save more than the middle-income groups.
However, the main fact that matters while saving money is to know your financial health i.e., the amount that you earn. Easiest way that the study about saving money shows is all about understanding your monthly statements including the bills and figuring out the financial outgo. Taking into consideration the recent market condition about saving money, economists are of the view that many of the financial tools that have made life more convenient such as credit cards, can promote bad financial habits and prolong debt if misused. Therefore, credit card should be used as the cash management tool but not as a borrowing tool.
To provide a boost to the saving potentials, a few saving strategies are there that can really help you in this regard. These strategies are mainly focused on the various ways and situations in which saving is possible.
* - As credit card is the common tool related to your income and expenses, it provides an easy way to take care of your expenses. As it is mentioned earlier about the misuse of the credit cards that can basically put you into big trouble. In this case, often people end up with large late fees and penalties due to careless credit buying habits. Therefore, if this kind of payment of credit card late fees and penalties can be avoided, a lot of money can be saved. Simply, by paying your bills on time, adjusting your due dates according to your convenience, and negotiating with your credit card issuer, you can start saving.
* - Next comes a popular way of managing the finances, the auto insurance. Basically, the auto insurance offers more opportunity to save money. What happens is that, a contract for an automobile in which one party agrees to pay for another party's financial loss resulting from an accident, or a theft, or storm damage, is termed as auto insurance. The strategy here is to increase your deductibles and then your premiums will decrease accordingly. One important fact is that if you are a good driver, it will be an added advantage that will lower your insurance premium in the long run. Even you can get an option to save money if you haven't had any accident in the recent past.
* - The next best way to save money is to refinance your mortgage with a new lower interest rate or loan term. It means that if the interest rates are low, then your monthly payments will definitely become lesser thereby enabling you to save more. Again, with a lower interest rate, your monthly income tax reductions will be condensed. And this can increase your savings with the new mortgage.
* - Other than this, home inspection before buying a new home and the homeowners insurance (specially if you know how to reduce your premiums and lower your insurance costs properly) can be a good strategy while thinking of saving money.
However, the main fact that matters while saving money is to know your financial health i.e., the amount that you earn. Easiest way that the study about saving money shows is all about understanding your monthly statements including the bills and figuring out the financial outgo. Taking into consideration the recent market condition about saving money, economists are of the view that many of the financial tools that have made life more convenient such as credit cards, can promote bad financial habits and prolong debt if misused. Therefore, credit card should be used as the cash management tool but not as a borrowing tool.
To provide a boost to the saving potentials, a few saving strategies are there that can really help you in this regard. These strategies are mainly focused on the various ways and situations in which saving is possible.
* - As credit card is the common tool related to your income and expenses, it provides an easy way to take care of your expenses. As it is mentioned earlier about the misuse of the credit cards that can basically put you into big trouble. In this case, often people end up with large late fees and penalties due to careless credit buying habits. Therefore, if this kind of payment of credit card late fees and penalties can be avoided, a lot of money can be saved. Simply, by paying your bills on time, adjusting your due dates according to your convenience, and negotiating with your credit card issuer, you can start saving.
* - Next comes a popular way of managing the finances, the auto insurance. Basically, the auto insurance offers more opportunity to save money. What happens is that, a contract for an automobile in which one party agrees to pay for another party's financial loss resulting from an accident, or a theft, or storm damage, is termed as auto insurance. The strategy here is to increase your deductibles and then your premiums will decrease accordingly. One important fact is that if you are a good driver, it will be an added advantage that will lower your insurance premium in the long run. Even you can get an option to save money if you haven't had any accident in the recent past.
* - The next best way to save money is to refinance your mortgage with a new lower interest rate or loan term. It means that if the interest rates are low, then your monthly payments will definitely become lesser thereby enabling you to save more. Again, with a lower interest rate, your monthly income tax reductions will be condensed. And this can increase your savings with the new mortgage.
* - Other than this, home inspection before buying a new home and the homeowners insurance (specially if you know how to reduce your premiums and lower your insurance costs properly) can be a good strategy while thinking of saving money.
Budget Basics - Budgeting Your Way to Financial Freedom
Anyone who desires a brighter financial future must make sure to live in the financial present. This requires the creation of, and adherence to, a budget. This simple yet critical step to financial freedom is often ignored. Many people feel it is overly complicated; or they believe themselves thrifty enough that creating a working budget is unnecessary. The fact is that very few of us do not need improvement with financial planning; most of us would be surprised - even shocked - to see exactly where our money goes.
Budgetary Preparation
If you want to create your own budget from scratch, begin by tracking every dollar you spend for at least a month. Credit card and bank card purchases can be monitored easily by looking over your monthly statement, which is usually available online instantly. Make sure to track all of your cash purchases, as well. It is important to know where every dollar goes. Spend a little time categorizing the purchases. You should have at least one category for savings or investments. Pay yourself first!
You can also find preformatted budget templates on financial planning software, like Microsoft Money or Quicken, or on the web. If you go this route, find a budget template with a large number of categories. You can then pare it down to suit your lifestyle and spending habits. The benefit of this is that you may see some categories that you had not thought of. If some categories do not apply to you, simply eliminate them.
Building Your Budget
Open up your favorite spreadsheet program. The top row of your budget will be your monthly income. If your income varies from month to month, use a low estimate, so that you have a cushion.
Under your income, put in each of the categories you created. Each expenditure should be subtracted from your monthly income. Refer to the "Help" button on your spreadsheet program if you are unfamiliar with how to do this - don't worry, it is very easy. The last line will be the overage or shortage of money for that month.
Optimizing Your Budget
If you end up with a negative number at the bottom of your budget spreadsheet, you are spending more than you are making. Seeing that, you may be tempted to run to the phone to call a financial planner; but that costs money, which you do not have. You can very likely fix your financial problems yourself. Save the money.
Review each spending category and determine where you can make cuts. Create a new column on your spreadsheet. Enter in your goals for next month's spending - be aggressive, you are striving for financial freedom. Keep adjusting until the bottom number is positive.
The next step is one that cannot be skipped or taken lightly. At the end of that first budgeted month, compare your actual spending to the numbers you set as your goals. Do this with every single category for the first two or three months. By then, you will know which areas need work, and you can focus more on them.
Budget Success
If you can get to the point where there is always a positive number at the bottom line, you will experience the sensation of "budget elation." Resist the temptation to spend the extra money on a party to celebrate your frugality. Do not buy a self-congratulatory flat screen TV. Feel free to pat yourself on the back, though. The extra money should be saved or invested. Save for a dream vacation or for your kids' education, without worrying where your next meal will come from. Invest for your retirement or start your own business. Financial freedom will come if you make your money work for you. The world will be your oyster soon enough, as long as you remember: Pay Yourself First!
Budgetary Preparation
If you want to create your own budget from scratch, begin by tracking every dollar you spend for at least a month. Credit card and bank card purchases can be monitored easily by looking over your monthly statement, which is usually available online instantly. Make sure to track all of your cash purchases, as well. It is important to know where every dollar goes. Spend a little time categorizing the purchases. You should have at least one category for savings or investments. Pay yourself first!
You can also find preformatted budget templates on financial planning software, like Microsoft Money or Quicken, or on the web. If you go this route, find a budget template with a large number of categories. You can then pare it down to suit your lifestyle and spending habits. The benefit of this is that you may see some categories that you had not thought of. If some categories do not apply to you, simply eliminate them.
Building Your Budget
Open up your favorite spreadsheet program. The top row of your budget will be your monthly income. If your income varies from month to month, use a low estimate, so that you have a cushion.
Under your income, put in each of the categories you created. Each expenditure should be subtracted from your monthly income. Refer to the "Help" button on your spreadsheet program if you are unfamiliar with how to do this - don't worry, it is very easy. The last line will be the overage or shortage of money for that month.
Optimizing Your Budget
If you end up with a negative number at the bottom of your budget spreadsheet, you are spending more than you are making. Seeing that, you may be tempted to run to the phone to call a financial planner; but that costs money, which you do not have. You can very likely fix your financial problems yourself. Save the money.
Review each spending category and determine where you can make cuts. Create a new column on your spreadsheet. Enter in your goals for next month's spending - be aggressive, you are striving for financial freedom. Keep adjusting until the bottom number is positive.
The next step is one that cannot be skipped or taken lightly. At the end of that first budgeted month, compare your actual spending to the numbers you set as your goals. Do this with every single category for the first two or three months. By then, you will know which areas need work, and you can focus more on them.
Budget Success
If you can get to the point where there is always a positive number at the bottom line, you will experience the sensation of "budget elation." Resist the temptation to spend the extra money on a party to celebrate your frugality. Do not buy a self-congratulatory flat screen TV. Feel free to pat yourself on the back, though. The extra money should be saved or invested. Save for a dream vacation or for your kids' education, without worrying where your next meal will come from. Invest for your retirement or start your own business. Financial freedom will come if you make your money work for you. The world will be your oyster soon enough, as long as you remember: Pay Yourself First!
Cheap Personal Finance With Newly Equipped Benefits
From decade to decade, cheap personal finance has been providing monetary support to every sort of people. It advances amount to fulfil every small or sizable personal demands to the applicants. Cheap personal finance allocate amount that borrowers are looking for, to materialize their wishes in a trouble free or easy way. Cheap personal finance is classified into secured and unsecured form. If applicants have property to place for the loan, secured cheap personal finance is offered. For people without property like tenants and non-homeowners, unsecured option is designed. The unsecured option can be obtained by persons who are unwilling to place collateral against the loan.
The amount that you can borrow in cheap personal finance starts from £ 5,000 to £75,000. The repayment period of cheap personal finance is from 5 to 25 years. Finance cheap personal scheme allow even the bad credit holders to obtain loan and execute their demand after proper documentation. So, bad creditors should furnish credit and personal details precisely.
Cheap personal finance has cut down its prior rate of interest and offer fresh rates which every person will find affordable. The interest rates vary from lender to lender in the competitive market. So, applicants can take the advantage of this competitive atmosphere and spot a marginal rate which suits his repayment ability.
The application procedure of cheap personal finance has gone through many phases and has become faster and easier than before, with the adoption of online device. Approving of cheap personal finance through online method will help to get loan in instant and also it is the most well-liked application process.
The borrowers can supervise various demands in a single amount with cheap personal finance. They can purchase cars, consolidate debts, go for holidays, renovate house, weddings and higher education are some preferred ends which can easily be fulfilled with cheap personal finance.
The amount that you can borrow in cheap personal finance starts from £ 5,000 to £75,000. The repayment period of cheap personal finance is from 5 to 25 years. Finance cheap personal scheme allow even the bad credit holders to obtain loan and execute their demand after proper documentation. So, bad creditors should furnish credit and personal details precisely.
Cheap personal finance has cut down its prior rate of interest and offer fresh rates which every person will find affordable. The interest rates vary from lender to lender in the competitive market. So, applicants can take the advantage of this competitive atmosphere and spot a marginal rate which suits his repayment ability.
The application procedure of cheap personal finance has gone through many phases and has become faster and easier than before, with the adoption of online device. Approving of cheap personal finance through online method will help to get loan in instant and also it is the most well-liked application process.
The borrowers can supervise various demands in a single amount with cheap personal finance. They can purchase cars, consolidate debts, go for holidays, renovate house, weddings and higher education are some preferred ends which can easily be fulfilled with cheap personal finance.
Understanding Personal Finance UK
Money is what helps us to meet our needs. It is the determinant factor in almost everything in today’s life. You can cherish the charms of life if you have it. Now what if you lack adequate finance to meet your growing needs? No problem, personal finance is here to help you with financial assistance. Residents of UK are benefited with its support and take it whenever necessary.
Personal finance of UK can be rightly categorized in to two parts namely secured finance and unsecured finance. To get secured personal finance, you need to place any of your property as security against the loaned amount. This security can be entitled as collateral which in turn acts on behalf of the borrower. Now, if you do not own any property or if you are not in the mood of putting your property at risk, go for unsecured personal finance. This kind of finance lets you feel free from the risk of repossession of property, which is very much prevalent under secured finance in case of payment default.
Personal fiancé can be opted by residents of UK to meet any of their personal needs such as:
To renovate home
To finance education of child
To arranging a holiday in a tourist spot.
To meet day to day expanses etc.
Moreover you can also go for personal finance to consolidate the growing debts of a person.
There are several sources to get personal finance of UK. But to get personal finance of UK in the easiest way and without hassle free loan lending process, go for World Wide Web. It gives you quick access to several lenders, who are serving the needs of borrowers for decades. Just by going to their sites, you can take your pick and with the financial assistance, you can easily meet all your needs.
Ben Gannon is a senior financial analyst at Cheap Finance UK with an acumen for business and loans. In recent years he has taken up to provide independent financial advice through his informative articles.
Personal finance of UK can be rightly categorized in to two parts namely secured finance and unsecured finance. To get secured personal finance, you need to place any of your property as security against the loaned amount. This security can be entitled as collateral which in turn acts on behalf of the borrower. Now, if you do not own any property or if you are not in the mood of putting your property at risk, go for unsecured personal finance. This kind of finance lets you feel free from the risk of repossession of property, which is very much prevalent under secured finance in case of payment default.
Personal fiancé can be opted by residents of UK to meet any of their personal needs such as:
To renovate home
To finance education of child
To arranging a holiday in a tourist spot.
To meet day to day expanses etc.
Moreover you can also go for personal finance to consolidate the growing debts of a person.
There are several sources to get personal finance of UK. But to get personal finance of UK in the easiest way and without hassle free loan lending process, go for World Wide Web. It gives you quick access to several lenders, who are serving the needs of borrowers for decades. Just by going to their sites, you can take your pick and with the financial assistance, you can easily meet all your needs.
Ben Gannon is a senior financial analyst at Cheap Finance UK with an acumen for business and loans. In recent years he has taken up to provide independent financial advice through his informative articles.
Personal Finance UK - To Make Things Easier For You
Availing finance for your needs is not a wrong step to take nowadays. With so many needs arising in the modern world, we also want to live according to the standards of the society. And for that personal finance UK can be availed according to the need of the borrower.
Personal finance UK is available to the borrowers for their personal needs that can be basic necessities or luxury needs. These needs may include car purchase, debt consolidation, home improvement, vacation trip, educational requirements, etc.
If while availing personal finance UK, the rate on the loan is the deciding criteria, then the borrower can pledge collateral for the personal finance UK. This way he will get a lower rate and a longer term for repayment. If however, the borrower does not want to pledge collateral, then he take up the unsecured form of personal finance UK. This loan option is very popular amongst tenants and non-homeowners and people who do not want to pledge their collateral.
Through secured form of personal finance UK, an amount of £5000-£75000 can be borrowed for a term of 5-25 years. Through unsecured personal finance UK, however an amount of £1000-£25000 can be borrowed. This amount has to be repaid in a term of 6 months to 10 years.
Bad credit borrowers can also take up personal finance UK. To compensate for their bad credit history, they are charged a higher rate of interest. This interest rate can be lowered by proper researching for an affordable deal for personal finance UK.
The rates of interest for personal finance UK can be lowered by proper researching online. Through the online mode, the borrower can apply for the personal finance UK and receive quotes from various lenders. A thorough comparison can be made by the borrower and the lowest deal can be selected for the finance.
Personal finance UK is available to the borrowers to help fulfill their needs. they can avail this opportunity as per their need and entail maximum benefits.
Personal finance UK is available to the borrowers for their personal needs that can be basic necessities or luxury needs. These needs may include car purchase, debt consolidation, home improvement, vacation trip, educational requirements, etc.
If while availing personal finance UK, the rate on the loan is the deciding criteria, then the borrower can pledge collateral for the personal finance UK. This way he will get a lower rate and a longer term for repayment. If however, the borrower does not want to pledge collateral, then he take up the unsecured form of personal finance UK. This loan option is very popular amongst tenants and non-homeowners and people who do not want to pledge their collateral.
Through secured form of personal finance UK, an amount of £5000-£75000 can be borrowed for a term of 5-25 years. Through unsecured personal finance UK, however an amount of £1000-£25000 can be borrowed. This amount has to be repaid in a term of 6 months to 10 years.
Bad credit borrowers can also take up personal finance UK. To compensate for their bad credit history, they are charged a higher rate of interest. This interest rate can be lowered by proper researching for an affordable deal for personal finance UK.
The rates of interest for personal finance UK can be lowered by proper researching online. Through the online mode, the borrower can apply for the personal finance UK and receive quotes from various lenders. A thorough comparison can be made by the borrower and the lowest deal can be selected for the finance.
Personal finance UK is available to the borrowers to help fulfill their needs. they can avail this opportunity as per their need and entail maximum benefits.
Finance - Need Of Everyone
Finance means to provide funds for business or it is a branch of economics which deals with study of money and other assets. In a Business management, finance is a most important characteristic as business and finance are interrelated. One can achieve its goal through the use of suited financial instruments. Financial planning is essential to ensure a secure future, both for the individual and an organization.
Personal finance
Personal finance may be required for education, insurance policies, and income tax management, investing, savings accounts. Personal loan is an effective source of personal finance. To avoid burden and life become enjoyable personal finance may be used as if getting it from a right source at minimum cost.
Business finance
Financial planning is essential in business finance to achieve its profit-making objectives. There are two main types of finance available to small business: Debt Finance: lending money from banks, financial institutions etc. The borrower repays principal and interest. Equity Finance: source of equity finance may be through a joint venture, private investors. It is a time consuming process.
State finances
Finance of states or public finance is finance of country, state, county or city. It is concerned with sources of revenue, budgeting process, expenditure spent for public works projects.
How to maintain your finance solutions
To maintain your finance then take up best finance solutions this will give you the advice to manage your finance in better way. In financial crises, applying for a loan is the best way to finance your needs. Nowadays E-finance is another option for finance as borrower gets wider option in choosing the best lender. Financial planning is important for your finance solutions Ankur Kharbanda is a 20 year old mechanical engineer based in Haryana, India.
Personal finance
Personal finance may be required for education, insurance policies, and income tax management, investing, savings accounts. Personal loan is an effective source of personal finance. To avoid burden and life become enjoyable personal finance may be used as if getting it from a right source at minimum cost.
Business finance
Financial planning is essential in business finance to achieve its profit-making objectives. There are two main types of finance available to small business: Debt Finance: lending money from banks, financial institutions etc. The borrower repays principal and interest. Equity Finance: source of equity finance may be through a joint venture, private investors. It is a time consuming process.
State finances
Finance of states or public finance is finance of country, state, county or city. It is concerned with sources of revenue, budgeting process, expenditure spent for public works projects.
How to maintain your finance solutions
To maintain your finance then take up best finance solutions this will give you the advice to manage your finance in better way. In financial crises, applying for a loan is the best way to finance your needs. Nowadays E-finance is another option for finance as borrower gets wider option in choosing the best lender. Financial planning is important for your finance solutions Ankur Kharbanda is a 20 year old mechanical engineer based in Haryana, India.
Personal Finance Budgeting - The First Step
If you like many other people then you often struggle to maintain control over your personal finances. Learning how to control your finances instead of letting them control you is a matter of simply learning the basics of budgeting. Personal finance budgeting can be the key to you being in control once again.
Personal finance budgeting starts with understanding what budgeting really is. A budget is a plan. It outlines the money you have coming in and the money you have going out. It is a detailed account of where you spend your money. Your budget is gong to tell you how and when you can spend your money.
Your budget is going to include some key things.
- Income. You need to include all income you have coming into the household. This will be the actual money you can spend, so include only net earnings.
- Fixed Expenses. These are expenses that you always have, like utilities and rent or mortgage payment. Make sure you include everything.
- Variable expenses. These are expenses that you have regularly, but that are not either essential or that vary greatly, like gasoline, recreation and food.
- Savings. This is usually separate form other expenses because you should save carefully and it helps to make sure you plan it out carefully.
Developing a budget can take a lot of work and sometimes it can be confusing. Here are some tips for making developing your budget easier.
- When recording expenses, make sure you aim for accuracy. Do not over or under estimate by too much or it could really effect your overall budget.
- Make sure to include the due date of fixed expenses. This will help you to ensure you avoid paying anything late.
- Take the opportunity to cut down variable expenses. Once you have them recorded it may amaze you to see how much you spend on needless things. Perhaps you can find some things to cut down or cut out of your budget all together.
Personal finance budgeting can be hard at first, but once you develop a budget you will find it comes in quite handy. You should be able to start making sure all your important expenses are taken care of and that you even have money left over for fun things. By taking the advice above you should be able to get your personal finance budget set up and working quickly.
Personal finance budgeting starts with understanding what budgeting really is. A budget is a plan. It outlines the money you have coming in and the money you have going out. It is a detailed account of where you spend your money. Your budget is gong to tell you how and when you can spend your money.
Your budget is going to include some key things.
- Income. You need to include all income you have coming into the household. This will be the actual money you can spend, so include only net earnings.
- Fixed Expenses. These are expenses that you always have, like utilities and rent or mortgage payment. Make sure you include everything.
- Variable expenses. These are expenses that you have regularly, but that are not either essential or that vary greatly, like gasoline, recreation and food.
- Savings. This is usually separate form other expenses because you should save carefully and it helps to make sure you plan it out carefully.
Developing a budget can take a lot of work and sometimes it can be confusing. Here are some tips for making developing your budget easier.
- When recording expenses, make sure you aim for accuracy. Do not over or under estimate by too much or it could really effect your overall budget.
- Make sure to include the due date of fixed expenses. This will help you to ensure you avoid paying anything late.
- Take the opportunity to cut down variable expenses. Once you have them recorded it may amaze you to see how much you spend on needless things. Perhaps you can find some things to cut down or cut out of your budget all together.
Personal finance budgeting can be hard at first, but once you develop a budget you will find it comes in quite handy. You should be able to start making sure all your important expenses are taken care of and that you even have money left over for fun things. By taking the advice above you should be able to get your personal finance budget set up and working quickly.
Personal Finance Software - Choosing the Best
Budgeting can be frustrating. It can be hard to keep it organized and maintained. Using personal finance software can help keep your budget straightened out. It helps keep everything organized and easy it is easy to use.
Personal finance software goes beyond the typical budget you may have. Personal finance software allows you to track your spending, track your investments and even figure out and compare long term financial prospects, like loans.
You can make charts so you can see your budget at a glance. You can also figure just about anything mathematical because the software does all the work for you.
To use personal finance software all you need to do is insert your information one time then the software will prepare your budget for each month or as you need it with all your information right there.
You can even use the personal finance software to set up a plan for a goal. You can easily track it and watch your progress. It will help keep you on track to your personal finance goals.
When choosing personal finance software you should first ensure that it is compatible with your computer and operating system. You should also make sure that it is easy to use and that you understand all of the functions and can use the program without a lot of hassle. Remember the idea of using personal finance software is to make budgeting easier.
Personal finance software comes with many features that can make it even nicer to use. Look for some of the following in the personal finance software program you choose:
- Automation - You want a program that is as automated as possible. This will cut down on the work you have to do.
- Pre-made forms - This means you have everything pre-made for you and you do not have to do anything except enter your information.
- Loan calculators - These are nice because they let you input information on different loans so you can compare and easily see which would be the best option.
- Internet compatibility - Being able to sync with the internet will allow you to keep up with your internet banking, including paying bills.
Personal finance software can make maintaining and using a budget simple. It can take the headache out of trying to manage your finances and put you back in control over your money.
Personal finance software goes beyond the typical budget you may have. Personal finance software allows you to track your spending, track your investments and even figure out and compare long term financial prospects, like loans.
You can make charts so you can see your budget at a glance. You can also figure just about anything mathematical because the software does all the work for you.
To use personal finance software all you need to do is insert your information one time then the software will prepare your budget for each month or as you need it with all your information right there.
You can even use the personal finance software to set up a plan for a goal. You can easily track it and watch your progress. It will help keep you on track to your personal finance goals.
When choosing personal finance software you should first ensure that it is compatible with your computer and operating system. You should also make sure that it is easy to use and that you understand all of the functions and can use the program without a lot of hassle. Remember the idea of using personal finance software is to make budgeting easier.
Personal finance software comes with many features that can make it even nicer to use. Look for some of the following in the personal finance software program you choose:
- Automation - You want a program that is as automated as possible. This will cut down on the work you have to do.
- Pre-made forms - This means you have everything pre-made for you and you do not have to do anything except enter your information.
- Loan calculators - These are nice because they let you input information on different loans so you can compare and easily see which would be the best option.
- Internet compatibility - Being able to sync with the internet will allow you to keep up with your internet banking, including paying bills.
Personal finance software can make maintaining and using a budget simple. It can take the headache out of trying to manage your finances and put you back in control over your money.
Financial Planning - Just Get Started
If you're already in your sixties and you have never done any previous financial planning, you might not have the luxury of implementing appropriate financial strategies at a slow, deliberate pace. But if you are younger, you have much more time before you reach retirement age. This means you can go at a more reasonable and realistic pace.
This does not imply that it's okay to procrastinate. After all, how many successful marathon runners show up late to the start of the race or take a snooze at mile 12?
Of course, many people claim they only procrastinate about doing the things that they don't like to do. To them I must say that's the only time procrastinating matters! Leaving work on time to get to happy hour doesn't mean you've solved a procrastination problem. Only when you're early to the dentist's office have you begun to solve your procrastination problem.
In financial planning terms, this means that moving slowly and steadily will get you all the way to the finish line. It's not critical that you figure out a way to do absolutely everything right in the next 30 days. Rather, you just need to be moving in the right direction all the time.
So get going now, at your speed. You can choose to go faster when you are ready to. But get going today, because procrastination is very expensive. On the other hand, starting early provides huge advantages, which include developing appropriate spending habits while you are still impressionable.
You've undoubtedly heard the expression "It's tough to teach an old dog new tricks." It's hard to move down from a McMansion. But when your housing comparison is living in a small space with a roommate who doesn't smell quite as well as he should, living alone in a decent apartment in an okay neighborhood will make you happy.
So that's the positive spin. I hoped it gets you going. If not, here's the brutal reality approach: Waiting costs you big time-it's nearly impossible to catch up. If you wouldn't like your coach subbing you in at the top of the ninth inning down ten runs and shouting "Go get 'em-we need this game!" then don't wait until you're a few years old to start saving for retirement. It's the same thing.
This does not imply that it's okay to procrastinate. After all, how many successful marathon runners show up late to the start of the race or take a snooze at mile 12?
Of course, many people claim they only procrastinate about doing the things that they don't like to do. To them I must say that's the only time procrastinating matters! Leaving work on time to get to happy hour doesn't mean you've solved a procrastination problem. Only when you're early to the dentist's office have you begun to solve your procrastination problem.
In financial planning terms, this means that moving slowly and steadily will get you all the way to the finish line. It's not critical that you figure out a way to do absolutely everything right in the next 30 days. Rather, you just need to be moving in the right direction all the time.
So get going now, at your speed. You can choose to go faster when you are ready to. But get going today, because procrastination is very expensive. On the other hand, starting early provides huge advantages, which include developing appropriate spending habits while you are still impressionable.
You've undoubtedly heard the expression "It's tough to teach an old dog new tricks." It's hard to move down from a McMansion. But when your housing comparison is living in a small space with a roommate who doesn't smell quite as well as he should, living alone in a decent apartment in an okay neighborhood will make you happy.
So that's the positive spin. I hoped it gets you going. If not, here's the brutal reality approach: Waiting costs you big time-it's nearly impossible to catch up. If you wouldn't like your coach subbing you in at the top of the ninth inning down ten runs and shouting "Go get 'em-we need this game!" then don't wait until you're a few years old to start saving for retirement. It's the same thing.
Retirement Planning - Why You Need to Turbo Charge Your Pogo Stick
Your retirement isn't a three-legged stool - it's a pogo stick.
Sorry, but it is what it is. Formerly, the three legs of the retirement funding stool for most Americans were:
1. An employer pension
2. Social Security
3. Personal savings
No longer.
Preferably in private, go ahead and curse the members of society whom you blame. Pick a Congressperson or two - even a President; the current one or any of his predecessors. Why limit yourself to politicians? Pick a corporation that dissatisfies you because of its irresponsible behavior, its failure to follow through on its promises to its employees.
When you are done with your ranting, you need to go on to the next phase: to start dealing with it. This is your reality. Your personal savings are going to be the primary source of your financial independence; your money to live on during retirement.
Your screaming may feel good, but your best bet is to begin treating those other two legs (the employer-paid pension and Social Security) as though they are not going to be major factors in your retirement. Treat them, at best, as "gravy."
With only leg of the three-legged stool remaining, you don't need to be a physics teacher to understand that such a stool is not going to be a comfortable place to sit down.
Taken together, this means you need to turbo-charge your pogo stick. And that means choosing to live a life Beyond Paycheck to Paycheck.
By accepting the fact that you're on your own, you're forced to act more responsibly. After all, denial isn't much of a way to go through life. Take advantage of your youth and build your savings to a turbo-charged pogo-stick level. A pogo stick is much more fun than a boring old stool anyway.
Sorry, but it is what it is. Formerly, the three legs of the retirement funding stool for most Americans were:
1. An employer pension
2. Social Security
3. Personal savings
No longer.
Preferably in private, go ahead and curse the members of society whom you blame. Pick a Congressperson or two - even a President; the current one or any of his predecessors. Why limit yourself to politicians? Pick a corporation that dissatisfies you because of its irresponsible behavior, its failure to follow through on its promises to its employees.
When you are done with your ranting, you need to go on to the next phase: to start dealing with it. This is your reality. Your personal savings are going to be the primary source of your financial independence; your money to live on during retirement.
Your screaming may feel good, but your best bet is to begin treating those other two legs (the employer-paid pension and Social Security) as though they are not going to be major factors in your retirement. Treat them, at best, as "gravy."
With only leg of the three-legged stool remaining, you don't need to be a physics teacher to understand that such a stool is not going to be a comfortable place to sit down.
Taken together, this means you need to turbo-charge your pogo stick. And that means choosing to live a life Beyond Paycheck to Paycheck.
By accepting the fact that you're on your own, you're forced to act more responsibly. After all, denial isn't much of a way to go through life. Take advantage of your youth and build your savings to a turbo-charged pogo-stick level. A pogo stick is much more fun than a boring old stool anyway.
Do I Have What it Takes to Achieve Financial Freedom?
There is a formula for achieving financial freedom. Yet, we seem to believe that achieving financial freedom is somehow reserved for an elite group that does not include us. Resistance chatter including "There has never been any money in my family" and "Things like that don't work for me" interfere with our seeing that achieving financial freedom is possible for everyone!
For those whose commitment to achieving financial freedom is anchored in passion, actually achieving financial freedom is a accomplished with ease.
Ask yourself "Do I Have What It Takes?" As you answer, consider:
1. Achieving financial freedom will enable me to:____(fill in)
When you are passionate about why you are accomplishing something, you effortlessly get the job done. The droning sameness of everyday routine has a tendency to choke off the passion. If you are foggy about your areas of passion, I encourage you to play the "What would I do if I knew I could not fail?" game. Have fun with it! Quiet the voices that say, "Impossible" before your imagination unfolds. Remove the barriers. Where does your heart take you? I guarantee you, when you remove the limiting thoughts, something makes your eyes dance!
2. I am prepared to work hard to make that happen.
Roll up your shirtsleeves and get to work and don't whine. Put the caliber of effort into your business that will make you sleep well, appreciate your down time, and take pride in what you have done.
3. I am open to possibilities unforeseen. I am willing to learn
Know that your whole world may take a turn! These are dynamic times - particularly the world of internet marketing. Soak up the new stuff! (You may have to settle for Billions instead of Millions!)
4. I am able to follow the example of my mentors- I am coachable.
Find an example to follow. Study their steps. Learn from them. Watch them closely. Mastermind with them. Coach with them. Share ideas with them. Mentors will assist you tremendously in achieving financial freedom. It is their purpose to assist others.
5. I have courage and stamina and patience. I trust the process.
Achieving financial freedom is enabling in a variety of ways, and certainly allows you freedoms in many areas of your life that scarcity prohibits. The important thing to remember is that achieving financial freedom is a process. It happens over time. During that time, you absolutely have the choice to participate in the joy of the journey! Your patience is stretched and strengthened, and your courage is called upon many times. For those who choose to be aware, it is an exciting time of growth and accomplishment. I encourage you to focus consistently upon the abundance that is yours without limiting that focus to your income. Appreciate riches that are not financial. They are priceless.
Remember, if you are clear and passionate about what you want, if you work hard and are adaptable and eager to learn, if you follow the example of a mentor, if you find joy in small advances while keeping your eye on the target, you absolutely DO have what it takes to achieve financial freedom.
For those with a commitment to achieve the financial freedom that allows them to truly live a life of purpose, opportunities appear. What was once impossible, is now their reality.
I know there are readers who are, at this moment, considering the launch of a free enterprise venture. There is much to sort through and it is a decision to make carefully. What I hope to communicate to you is my confidence that you already have all it takes.
Achieving financial freedom is a function of time for you now.
Go for it!
Linda Berry is truly a woman moving to her own cadence. Born in Illinois, educated in Indiana spending the first years of her career based in New York City, she is now loving life on the Big Island of Hawaii. Her path has wound through a blessed childhood with a loving family, into an early theatrical career, a segment in the costuming world of Broadway, to her current entrepreneurial success living in paradise. She is a world traveler who is proud of her visits to all 50 states, and is a self professed high-end adventure seeker.
At this stage, she is moving into her own as a writer, and an empowerment guide. She aspires to be a voice of encouragement to all who encounter her, and is committed to a life of purposeful focus. She is thrilled to attract financial abundance as an avenue to influence the mindset of humanity, and is deeply committed to a life in joy for every spirit.
For those whose commitment to achieving financial freedom is anchored in passion, actually achieving financial freedom is a accomplished with ease.
Ask yourself "Do I Have What It Takes?" As you answer, consider:
1. Achieving financial freedom will enable me to:____(fill in)
When you are passionate about why you are accomplishing something, you effortlessly get the job done. The droning sameness of everyday routine has a tendency to choke off the passion. If you are foggy about your areas of passion, I encourage you to play the "What would I do if I knew I could not fail?" game. Have fun with it! Quiet the voices that say, "Impossible" before your imagination unfolds. Remove the barriers. Where does your heart take you? I guarantee you, when you remove the limiting thoughts, something makes your eyes dance!
2. I am prepared to work hard to make that happen.
Roll up your shirtsleeves and get to work and don't whine. Put the caliber of effort into your business that will make you sleep well, appreciate your down time, and take pride in what you have done.
3. I am open to possibilities unforeseen. I am willing to learn
Know that your whole world may take a turn! These are dynamic times - particularly the world of internet marketing. Soak up the new stuff! (You may have to settle for Billions instead of Millions!)
4. I am able to follow the example of my mentors- I am coachable.
Find an example to follow. Study their steps. Learn from them. Watch them closely. Mastermind with them. Coach with them. Share ideas with them. Mentors will assist you tremendously in achieving financial freedom. It is their purpose to assist others.
5. I have courage and stamina and patience. I trust the process.
Achieving financial freedom is enabling in a variety of ways, and certainly allows you freedoms in many areas of your life that scarcity prohibits. The important thing to remember is that achieving financial freedom is a process. It happens over time. During that time, you absolutely have the choice to participate in the joy of the journey! Your patience is stretched and strengthened, and your courage is called upon many times. For those who choose to be aware, it is an exciting time of growth and accomplishment. I encourage you to focus consistently upon the abundance that is yours without limiting that focus to your income. Appreciate riches that are not financial. They are priceless.
Remember, if you are clear and passionate about what you want, if you work hard and are adaptable and eager to learn, if you follow the example of a mentor, if you find joy in small advances while keeping your eye on the target, you absolutely DO have what it takes to achieve financial freedom.
For those with a commitment to achieve the financial freedom that allows them to truly live a life of purpose, opportunities appear. What was once impossible, is now their reality.
I know there are readers who are, at this moment, considering the launch of a free enterprise venture. There is much to sort through and it is a decision to make carefully. What I hope to communicate to you is my confidence that you already have all it takes.
Achieving financial freedom is a function of time for you now.
Go for it!
Linda Berry is truly a woman moving to her own cadence. Born in Illinois, educated in Indiana spending the first years of her career based in New York City, she is now loving life on the Big Island of Hawaii. Her path has wound through a blessed childhood with a loving family, into an early theatrical career, a segment in the costuming world of Broadway, to her current entrepreneurial success living in paradise. She is a world traveler who is proud of her visits to all 50 states, and is a self professed high-end adventure seeker.
At this stage, she is moving into her own as a writer, and an empowerment guide. She aspires to be a voice of encouragement to all who encounter her, and is committed to a life of purposeful focus. She is thrilled to attract financial abundance as an avenue to influence the mindset of humanity, and is deeply committed to a life in joy for every spirit.
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